While Bitcoin‘s price continues to hover around the $43,900 levels, significant gains were seen in altcoins today. The anticipation that the crypto market leader Bitcoin might undergo a new correction is drawing interest. However, this correction was not triggered despite the strong employment data released a few hours ago. So, what’s the latest situation on the Shiba Coin front?
Most altcoins experienced significant increases today. Even ADA Coin, which had been trapped below $0.4 for a long time, surpassed $0.5, reminding us that we are in a real bull market. As expected, Shiba Coin dropped a zero from its price and began to navigate through a critical turning point.
Looking at the daily chart of Shiba Coin, its price had been trading below the falling resistance line since January. Despite the Binance and Coinbase cases, most altcoins saw lower levels at the beginning of 2022. After this bottom point, Shiba Coin showed investors, who knew that the declines would not continue forever, the strength of their asset by creating a long lower wick.
After four significant attempts, Shiba Coin’s price, which broke free from the trend line on December 3, continues to reward investors who took bold actions in June. With the RSI positive and the trend upwards, BTC continues to stay strong contrary to expectations, and Shiba Coin may experience further increases.
Everything is going well, the price has broken resistance, but what’s next? The short-term six-hour chart shows two possibilities through Elliot wave counting. In the first scenario, Shiba Coin appears to have completed its A-B-C corrective structure. The fact that the price is trading within a parallel channel and the A:C waves are in a perfect 1:1 ratio makes this scenario more likely. In the other scenario, the price is compressed in an ascending 1-2/1-2 wave formation. If this count is correct, Shiba Coin’s price should reach the peak of $0.0000014. For the bull scenario to materialize, the price needs to break out of the channel. In a bearish scenario, however, a drop to as low as $0.0000080 could occur.