A prominent analyst shared the price target for Shiba Inu based on Elliott Wave, including a surge to a three-digit figure after a breakout to a new all-time high.
Like most other cryptocurrencies, Shiba Inu is in a correction phase. By market calculation, the second-largest meme coin has retraced most of its gains since it peaked at $0.00002816 on November 24, down 11% from the weekly high.
However, the analyst believes that the decline is an accumulation opportunity before Shiba Inu's impending explosive rise. Noted market speculator Charting Guy expects that the short-term bearish market takeover will ensure Shiba Inu's three-digit surge.
The analyst points out that Shiba Inu has multi-level targets.
Charting Guy asked his audience in a tweet today if they have accumulated enough Shiba Inu to prepare for the upcoming price rise. He then shared his assertion on the next price target for Shiba Inu.
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 begun with a target price range of $0.00012.
It is worth noting that a rise from the current market price to $0.00012 means an increase of 380%. At this price, Shiba Inu's market cap will also exceed the $70 billion mark, surpassing Dogecoin's current valuation.
Shiba Inu price skyrockets 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 the price of Shiba Inu reaches $0.0002, its market cap will increase by 718% compared to the current market price. Its market cap will also surpass the widely speculated $100 billion valuation, reaching $118 billion.
It is noteworthy that some analysts speculate that Shiba Inu can reach the price of $0.0002. For example, Alan Santana previously asserted that due to broader market bullish momentum, this meme coin will reach this price in the near future.
Additionally, another analyst, Michael, asserts that Shiba Inu will follow the Elliott Wave pattern to reach $0.0002. His comments align with Charting Guy's analysis, as Michael believes the meme coin will achieve a coveted 718% increase.
Double position in Shiba Inu
To prepare for the upcoming surge, Charting Guy revealed that he has doubled his position in Shiba Inu. The analyst disclosed that during the recent decline, he increased his investment in the leading meme token by 100% twice to maximize the upcoming rise.