We are in the middle of the crypto bear market. Altcoins like SHIB, ADA, XRP, SOL, DOT, and LINK are going to crash hard. You really don't want to buy these coins at this moment.
I think Shiba doesn't deserve to be ranked at #13 on Coinmarketcap with this terrible price action. Yes, we had a massive pump that lasted only 30 days in 2021, but now we've been bleeding for 320 days.
On the daily chart, we have a descending parallel channel on the LOG scale with a fake breakout. It was a trap, and there were clearly missing buyers on this token. The token is still so expensive that buyers are not interested.
The price should go down to the previous swing low at 0.00000510, which is an extremely strong support and potential buying opportunity.
I would like to see a bullish divergence on the weekly timeframe, and this divergence will definitely be created if we drop down to 0.00000510.
From the Elliott Wave perspective, we need another impulse to the downside to complete a major impulsive wave, so I think we have already started the downtrend.
Maybe Shiba is a great altcoin, but it is very overpriced and expensive. Definitely not a good investment at this time.