Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has been experiencing a resurgence lately. Over the past week, its price has climbed by 17%, reclaiming the $0.000019 territory. This positive momentum has fueled speculation about SHIB’s future trajectory, with prominent analysts predicting a significant upward trend based on the Elliott Wave Theory.
Analyst Michael’s Bullish Outlook
Market analyst Michael has utilized the Elliott Wave Theory to construct a bullish forecast for SHIB. His analysis suggests that SHIB is currently in the final stages of a corrective wave labeled “c.”
Once this corrective wave concludes, Michael anticipates a transition into the impulsive wave 3, historically the strongest and longest wave within the Elliott Wave cycle. This shift signifies a period of potentially substantial price appreciation for SHIB.
Michael’s chart incorporates various wave counts and highlights key support and resistance levels. The crucial support levels sit at $0.00000800, while resistance is expected around $0.00002300 and above.
The chart also incorporates a volume profile, which depicts areas of significant buying and selling activity at different price points. Notably, there has been a concentration of activity around the $0.00001 to $0.000023 range, suggesting potential accumulation and distribution zones.
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, which coincides with the projected completion of wave 3.
More Crypto Online’s Ambitious Price Targets
Adding to the bullish sentiment, the crypto analysis platform More Crypto Online presents a similarly optimistic outlook for SHIB. Their analysis, founded on the Elliott Wave Theory, proposes that SHIB is nearing the conclusion of corrective wave (B) and poised to enter impulsive wave (C). This transition would mark a significant shift towards a potential price increase.
Their analysis identifies key support zones established using Fibonacci retracement levels. The Fibonacci retracement tool is a technical indicator derived from mathematical ratios that can potentially reveal 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).
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More Crypto Online anticipates a potential reversal candle to emerge 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, established again through Fibonacci levels. These targets include $0.0000897, $0.0001696, and a high of $0.0002501.
With ongoing market recovery and technical indicators suggesting a bullish trend, SHIB’s price could see significant growth in the coming period.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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