Elite Trader Updates His Silver Price Prediction

Silver price crashed all the way to $62 per ounce during the recent market correction, falling alongside gold, crypto assets, and stocks. But the metal managed to find a floor there and bounced to around $66 per ounce at press time. More Crypto Online, one of the best technical analysts in crypto and finance, updated his silver price prediction today.

Let’s explain his tweet and silver chart.

More Crypto Online’s Silver Price Update

The analyst tweeted that silver remains above the March low for now, but the broader outlook remains unchanged. Following the break below the May 28 swing low near $71.80, the direct downside path became the preferred scenario, and the market continues to follow that roadmap.

Leading Scenario: The preferred view is that silver is developing a larger C‑wave decline within the broader wave 4 correction. The next key support level is the March swing low near $61.30, followed by Fibonacci support at $58.46. The longer‑term downside target near $50 remains valid and has been tracked for several months.

Risk Scenario: A sizeable bounce can develop at any stage, particularly if the market is nearing completion of the current third wave decline. In that case, silver could rally into the Fibonacci resistance zone between $65.48 and $72.00. However, as long as price remains below this resistance region, any bounce is viewed as corrective rather than the start of a larger bullish reversal.

Key Support Levels: $61.30, $58.46, $50
**Key Resistance Levels:** $65.48 – $72.00

The bottom line: silver remains under downside pressure and continues to favor lower prices toward the $50 region. While a larger bounce may develop soon, the broader bearish outlook remains intact while resistance between $65.48 and $72.00 holds.

Silver Chart Analysis (1‑Hour Silver Futures)

The attached 1‑hour chart from COMEX shows silver’s recent price action from May to June 2026.

Price action: Silver peaked near $86‑$94 in May, then dropped sharply, breaking through multiple support levels. The current price is around $66, with a recent low near $62. The chart shows a descending channel with lower highs and lower lows.

Source: X/@Morecryptoonl

Fibonacci levels (drawn from the high to the low):

• 61.8% retracement near $72.08
• 50% near $69.98
• 38.2% near $67.93
• 23.6% near $65.48
• 78.6% near $58.46
• 100% extension near $50.98

The price is currently trading below the 38.2% level, indicating strong bearish momentum. The analyst has marked a wave structure – likely a C‑wave decline within a larger 4th wave correction. Labels (iv) and (v) suggest the final leg down may be underway.

Key observations: The market broke below the May 28 swing low at $71.80, confirming the downside path. The March low at $61.30 is the next major support. A move below that would open the door to $58.46 and eventually the $50 target. The resistance zone between $65.48 and $72.00 is critical – until silver closes above that area, any rally is considered corrective.

Read also: Why Silver and Gold Price Crashes Shouldn’t Worry Holders

Do We Agree with His Take?

More Crypto Online has a strong track record in technical analysis. His wave count is consistent with the price action we have seen since the May highs. The break below $71.80 was a clear signal, and silver has not reclaimed that level. The bounce from $62 to $66 looks like a corrective retracement, not a reversal. Volume has been low on the bounce.

That said, the $62 area did hold, and the March low at $61.30 is close. The silver price could form a double bottom there and reverse aggressively – similar to what happened in 2008 and 1976. But the analyst is right to be cautious until resistance breaks.

We partially agree: the downside risk remains until silver closes above $72.00. However, for long‑term investors, the $50‑$62 zone is historically attractive.

The risk‑reward favors upside over a 2‑3 year horizon, but short‑term traders should respect the bearish structure. Watching the $61.30 support is key.

FAQs

Is it worth investing in silver now

Silver has both strong long‑term tailwinds (massive deficits, rising industrial use) and severe short‑term technical damage. The market is in a sixth straight year of supply deficit, and silver is a critical component for AI, solar, defense, and robotics. J.P. Morgan still expects silver to average $81/oz in 2026. However, the near‑term outlook is bearish: the price just closed below its 200‑day moving average for the first time in over a year, and analysts warn it could drift to $55‑60/oz in the coming weeks.

What does Warren Buffett say about buying silver

Buffett is famously dismissive of gold but has bought silver twice (possibly three times) because he views it as an industrial commodity with fundamental supply/demand dynamics, not a “pet rock.” In 1997, he bought 111 million ounces after concluding the market was “out of balance,” with consumption outpacing production by perhaps 100 million ounces a year. However, Buffett later admitted he “bought it very early, sold it very early” and that his trade did not make much money. 

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