Analyst Predicts Fifth Elliott Wave Will Propel Shiba Inu (SHIB) to $0.0001

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In early March 2024, Shiba Inu experienced a notable surge in price, soaring to a yearly high of $0.00004456. This surge, originating from levels below $0.00001, revitalized the confidence of the community in the meme coin. However, after this surge, discussions emerged regarding the possibility of SHIB reaching the $0.0001 mark.

Bullish Predictions Amid Correction

Following the surge, numerous bullish predictions surfaced regarding SHIB’s trajectory. Despite this, a subsequent correction in price led the digital asset to relinquish its gains, descending below crucial support levels. This downturn dampened the earlier enthusiasm for an accelerated price surge.

Prominent crypto analyst Michael, known as @Michael_EWpro, has recently shed light on renewed optimism through technical analysis. Based on Shiba Inu’s 3-day chart, Michael’s examination suggests that the meme coin might adhere to the Elliott Wave Theory, which proposes a five-wave structure in price movements.

Related article: Shiba Inu Surges to Break Key Resistance Levels

Elliott Wave Analysis

According to Michael’s analysis, Shiba Inu completed its first wave in December 2023, followed by a retracement below $0.00001 in January 2024, identified as the second wave. The surge that propelled SHIB to its March peak of $0.00004456 represents the third wave. The ongoing correction is interpreted as the fourth wave, which Michael believes will soon conclude, paving the way for the fifth and final wave.

Michael sets a price target of $0.00010191 for SHIB, which would necessitate a 239.9% increase from its current price. This target significantly exceeds SHIB’s all-time high, aligning with predictions that SHIB will surpass its previous peak in 2024.

Market Recovery and Investor Sentiment

The broader crypto market exhibits signs of recovery, with market conditions and investor sentiment playing crucial roles in determining whether SHIB can achieve the forecasted price target. Despite declining trading volume over the last 24 hours, SHIB maintains its position as the 11th-ranked cryptocurrency by trading volume, suggesting sustained investor interest and the potential for another historic rally.

Current Status and Future Outlook

Although SHIB experienced a decline, it remains up by 184.95% over the past month, currently trading at $0.00003138. This fall mirrored a broader market correction, yet signs indicate that a bullish breakout is imminent.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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