Like most other cryptocurrencies, Shiba Inu is in a correction phase. By market calculations, the second-largest meme coin has retraced most of its gains since reaching a high of $0.00002816 on November 24, down 11% from its weekly peak.
The decline is an accumulation opportunity before Shiba Inu's imminent explosive rise. Noted market speculator Charting Guy expects that the short-term bearish market takeover will ensure a three-digit increase for Shiba Inu.
Shiba Inu has multiple level targets
Charting Guy asked his audience in a tweet today whether they have accumulated enough Shiba Inu to cope with the upcoming price surge. He then shared his assertion about Shiba Inu's next price target.
In the attached chart, he shows the Elliott wave pattern he expects Shiba Inu to follow. Notably, his chart indicates that the meme coin has completed the first and second phases of the wave count, suggesting that the third wave is still in progress.
The chart shows that Shiba Inu achieved its first and second waves by breaking through $0.000045 in March and retracing to $0.00001080 in August. According to Charting Guy's chart, the third wave phase has already begun, with a target price range of $0.00012.
It is worth noting that a rise from the current market price to $0.00012 represents a 380% increase. At this price, Shiba Inu's market cap would also exceed the $70 billion mark, surpassing Dogecoin's current valuation.
Shiba Inu price soars to $0.0002
Charting Guy's chart shows that Shiba Inu will retrace to the 0.786 Fibonacci level around $0.00004937 before the next round of increases. At the start of the fifth wave, the analyst asserts that the leading meme token will soar to $0.0002.
Overall, if Shiba Inu's stock price reaches $0.0002, its market cap will increase by 718% compared to the current market price. Its market cap will also exceed the widely speculated $100 billion valuation, reaching $118 billion.
It is worth noting that some analysts speculate that Shiba Inu could reach a price of $0.0002. For example, Alan Santana previously asserted that due to broader market bullish momentum, this meme coin will reach that price in the near future.
In addition, another analyst Michael asserts that Shiba Inu will follow the Elliott wave pattern to reach $0.0002. His comments are similar to Charting Guy's analysis, with Michael believing that the meme coin will achieve a desirable 718% increase.
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Double position of Shiba Inu
To prepare for the upcoming rise, Charting Guy revealed that he has doubled his holdings of Shiba Inu. The analyst disclosed that during the recent downturn, he increased his investment in the leading meme token by 100% twice to maximize the upcoming surge.
