Shiba Inu (SHIB), a popular canine-themed cryptocurrency, has been experiencing a resurgence. Over the past week, its price climbed 17%, reclaiming the $0.000019 territory. This positive momentum fuels speculation about SHIB’s future trajectory. Prominent analysts predict a significant upward trend based on the Elliott Wave Theory.
Analyst Michael’s Bullish Outlook
Market analyst Michael uses the Elliott Wave Theory to predict a bullish future for SHIB. He suggests SHIB is in the final stages of a corrective wave labeled “c.” Once this wave concludes, Michael expects a transition into impulsive wave 3. Historically, this is the strongest and longest wave within the Elliott Wave cycle. This shift signals a period of potentially substantial price appreciation for SHIB.
Michael’s chart highlights key support and resistance levels with various wave counts. Crucial support levels sit at $0.00000800. Resistance is expected around $0.00002300 and above. The chart also incorporates a volume profile, depicting significant buying and selling activity at different price points. Notably, there has been activity around the $0.00001 to $0.000023 range, suggesting potential accumulation and distribution zones.
Bullish Price Targets Identified
In anticipation of wave 3, Michael establishes two key price targets for SHIB. The first target is at $0.00002345, aligning with a breakout from a prevailing bull flag pattern. This technical indicator signifies a potential continuation of the uptrend. The more ambitious target rests at $0.00010114, coinciding with the projected completion of wave 3.
More Crypto Online’s Ambitious Price Targets
The crypto analysis platform More Crypto Online adds to the bullish sentiment. Their analysis, based on the Elliott Wave Theory, suggests SHIB is nearing the conclusion of corrective wave (B) and poised to enter impulsive wave (C). This transition would mark a significant shift toward a potential price increase.
Their analysis identifies key support zones using Fibonacci retracement levels. The Fibonacci retracement tool, a technical indicator derived from mathematical ratios, reveals areas of support and resistance. In this instance, the 0.5 Fibonacci retracement level stays at $0.0000167, serving as a potential support zone. Additional support levels reside at the 0.618 Fibonacci retracement ($0.0000131) and the 0.786 Fibonacci retracement ($0.0000094).
More Crypto Online anticipates a potential reversal candle emerging within the identified orange support zone, suggesting a possible bullish reversal on the horizon. However, they emphasize the significance of a clear “1-2 setup” within wave C to validate this reversal.
If the bullish scenario materializes, More Crypto Online outlines several ambitious price targets for SHIB. These targets include $0.0000897, $0.0001696, and a high of $0.0002501.
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With ongoing market recovery and technical indicators suggesting a bullish trend, SHIB’s price could see significant growth in the coming period. The bullish predictions made by analysts based on the Elliott Wave Theory have ignited excitement among SHIB enthusiasts, who are eagerly anticipating the cryptocurrency’s potential surge.
