The Wolf Of All Streets Detects Shiba Inu Bottom, Projects SHIB to Hit $0.00001140

Top market analyst Scott Melker (The Wolf Of All Streets) believes Shiba Inu (SHIB) could easily hit the $0.00001140 price territory, as an Alpha indicator flashes three bottom signals on the daily chart.

Melker’s recent projection hinges on signs presented by the Alpha Trend VIP indicator, one of the premium indicators from the market platform Trading Alpha.

Melker tells his 914,000 X followers that the bottom signals he observed on the Shiba Inu chart came from an extensive test of the indicator.

The Alpha Trend indicator is designed to give precise BUY/SELL signals in different market situations. Per its description, it can adapt to sideways, uptrend, and downtrend conditions while leveraging multiple indicators like the RSI, MFI, CCI, and ATR.

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Signs of a Bottom

According to Melker, Shiba Inu has observed its bottom price, as evident in several signs from the Alpha Trend indicator. He noted three-pointers for this conviction.

One of these pointers is the proliferation of B signals on the chart. The latest B signal occurred on Oct. 18 when SHIB collapsed to a low of $0.00000670 amid a persistent decline. Shiba Inu is now 18% up since it recorded the last B sign.

The second pointer is a series of dots the indicator uses to show the prevalent trend. When SHIB trades in a downtrend, the indicator flashes red dots at the bottom of each candlestick. However, when the asset is in an uptrend, the dots change to green and move to the top of the candlestick.

Shiba Inu had been recording these red dots for over two months, having begun noticing them on Aug. 17 following the drop from the $0.00001136 high. These red dots persisted until Oct. 22, when the asset reclaimed the $0.000007 threshold. SHIB is currently observing green dots, showing signs of an uptrend. 

Melker pointed out a track line from the Alpha Trend indicator as the third pointer for his conviction that Shiba Inu has seen a bottom. Whenever SHIB drops below the line, its color changes to red, signaling a continuation of the downtrend.

However, when Shiba Inu crosses above the line, it could be a sign of an end to the downtrend and a looming uptrend. Shiba Inu recently surged above the line amid its recent recovery attempt, as highlighted by Melker. The analyst is confident this is a sign that SHIB has bottomed.

Shiba Inu to $0.00001140

Melker also called attention to a previous Shiba Inu chart he had created, adding weight to his bullish sentiments. The chart reveals that SHIB recently broke above a solid horizontal line at the $0.00000710 price territory. 

When Shiba Inu confidently broke above this line in June, it registered a massive run that saw it surge to $0.00001136 on Aug. 12. Although the asset broke above this line in September, the breakout was not solid, leading to a consolidation at the $0.000007 territory, and a subsequent drop.

Melker believes the latest breakout is pivotal. According to the analyst, Shiba Inu should easily surge to a dashed horizontal line at the $0.00001140 price territory. Shiba Inu is trading for $0.00000790. A surge to $0.00001140 would require a 44% increase.