Recent price movements have reignited discussions about the possibility of SHIB reaching the $0.0001 mark. In early March 2024, Shiba Inu experienced a significant price surge, reaching a yearly high of $0.00004456. SHIB’s impressive rise from below $0.00001 renewed the faith of community members in the meme coin.
Since then, there have been multiple bullish predictions for SHIB. However, a subsequent price correction forced the digital asset to relinquish its gains and fall below key support levels. This decline dampened the earlier enthusiasm for a rapid price increase.
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Technical Analysis Points to Potential Upswing
Michael (@Michael_EWpro), a prominent crypto analyst, recently provided a reason for renewed optimism. Michael’s analysis, based on Shiba Inu’s 3-day chart, indicates that the meme coin might be following the Elliott Wave Theory, a technical analysis that proposes a five-wave structure in price movements.
According to Michael’s analysis, Shiba Inu completed the first wave in December 2023. The subsequent retracement below $0.00001 in January 2024 is identified as the second wave. The third wave is seen as the surge that pushed SHIB to its March peak of $0.00004456.
The ongoing correction is interpreted as the fourth wave, and Michael believes it will soon end. The completion of this wave would pave the way for the fifth and final wave, potentially leading to a significant price increase. Michael sets a price target of $0.00010191 for SHIB.
$SHIB bulls got a little work to do here on 3D but after that I think it sends to my sub 5 TP pic.twitter.com/YQLQqw8bxH
— BigMike7335 (@Michael_EWpro) March 24, 2024
Will SHIB Reach its All-Time High in 2024?
Reaching this projected price point would necessitate a 239.9% increase from SHIB’s current price. This target is also significantly higher than SHIB’s all-time high, continuing the trend of predictions that SHIB will surpass its all-time high in 2024.
The broader crypto market is also showing signs of recovery. The market environment and investor sentiment will play a crucial role in determining whether SHIB can achieve the forecasted price target.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP to $14? Top Analyst Displays Multiple Technical Patterns For Major Breakout
Shiba Inu is ranked #11 by trading volume. Although its volume declined over the last 24 hours, the high ranking suggests investor interest, and the meme coin could soon begin another historic rally.
Although the meme coin declined, it is still up 208.55% over the past month, currently trading at $0.00002998. SHIB’s fall mirrored a broader market correction, but the meme coin is showing signs that suggest that a bullish breakout is imminent.
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