Prominent analysts expect Shiba Inu (SHIB) to spike to a price range of $0.0001 to $0.0002 based on a complex web of Elliott Wave patterns. Over the past week, SHIB has spiked 13%, leveraging the ongoing market recovery for a rebound and reclaiming the $0.000018 price territory.
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The canine-themed token is now aiming to build on this recovery push to reach greater heights. Amid the rebound, market analyst Michael and crypto analysis platform More Crypto Online have provided bullish forecasts, citing the Elliott Wave Theory. According to them, Shiba Inu is transitioning from corrective waves to impulsive waves, signaling a bullish trend.
Michael’s Elliott Wave Analysis Predicts Major SHIB Price Surge
Michael’s chart, marked with various wave counts, indicates that Shiba Inu (SHIB) is currently in the final phase of a corrective wave labeled as ‘c’. He suggests that once SHIB completes wave c, it will transition into the impulsive wave3.
Source: X
This transition is crucial as wave3 is typically the strongest and longest in an Elliott Wave cycle, signaling a potential significant upward movement. Michael also outlines key support and resistance levels, with support sitting at $0.00000800 and significant resistance at $0.00002300 and above.
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The chart also features a volume profile that shows considerable buying and selling interest around the $0.00001000 to $0.00002300 range.
In anticipation of wave3, Michael has set two key price targets for SHIB. The first target is $0.00002345, which aligns with a breakout from a prevailing bull flag pattern. The more ambitious target is $0.00010114, marking the anticipated completion of wave3.
More Crypto Online Sees Bullish SHIB Trend Based on Elliott Waves
More Crypto Online, a leading crypto analysis platform, provides a bullish outlook for Shiba Inu (SHIB), using the Elliott Wave Theory. Their analysis suggests that SHIB is moving from a corrective wave (B) into an impulsive wave (C).
Source: X
The chart highlights key support zones based on Fibonacci retracement levels. The Fibonacci 0.5 level, located at $0.0000167, is identified as a potential support zone. Additionally, the 0.618 Fibonacci retracement level at $0.0000131 and the 0.786 level at $0.0000094 are also crucial support levels.
The platform notes that SHIB could see a potential bullish reversal candle within the orange support zone, indicating that a bullish reversal might be imminent. However, they emphasize the need for a clear 1-2 setup in wave C to confirm this reversal.
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Should the bullish scenario unfold, More Crypto Online sets ambitious price targets for SHIB. Based on Fibonacci levels, these targets are $0.0000897, $0.0001696, and $0.0002501.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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