A well-known chart analyst predicts that Shiba Inu is on the brink of a surge, with its value potentially surpassing its all-time high and rising into the $0.0001 range.
Shiba Inu It has clearly lagged behind the bullish frenzy that has rocked the meme coin market over the past few days. At the time of writing, SHIB is trading at $0.00001769, with no gains in the past 24 hours and a 2.5% drop in its weekly performance.
However, Shiba Inu’s closest rivals, Dogecoin, PEPE, Dogwif Hat (WIF)have been performing phenomenally each week. For example, WIF is up over 47% since last week, PEPE boasts a 24% increase, and Dogecoin has posted a 14% gain.
Despite the recent downturn, Shiba Inu’s current price still represents a significant 35% increase from its monthly low of $0.00001294. This upward momentum, along with various technical indicators, has analysts confident that Shiba Inu is poised to rise and that the price could reach new highs.
Shiba Inu “Barking at the Moon”
A well-known chart analyst and Binance KOL who goes by the pen name “ETF” recently shared a post on X suggesting that Shiba Inu may be preparing for a rally to an all-time high. According to the analyst, Shiba Inu is “howling at the moon” and aiming for new highs based on Elliott Wave analysis.
Shib is howling at the moon and aiming for new Elliott Wave highs, so fasten your seatbelts for a possible third wave, but keep your eyes peeled for confirmation.#Shiv #Binance pic.twitter.com/V98utBdT9f
— ETF (@_E_T_F_) July 20, 2024
Elliott Wave Pushes SHIB Towards $0.0001
The tweet read, Elliott Wave Analysis Shiba Inu’s performance so far. We have highlighted different wave labels which indicate the different waves within the Elliott Wave structure such as corrective waves and complex wave patterns.
One of the waves shows a recent strong upward trend for Shiba Inu, which has reached a three-year high. Highest price $0.000045 In March, after a long downward trend.
This uptrend was followed by a period of correction during which SHIB crashed to $0.00001294 in July. Notably, this crash represented a 71% drop from the multi-year high of $0.000045 it recently recovered from.
Now, analysts are expecting a new wave, dubbed “Wave 3,” to emerge, which is predicted to be longer and more powerful than Wave 1. This wave is expected to not only see Shiba Inu reclaim its 2021 high of $0.00008845, but also enter a new price recovery phase. In the range of $0.0001.
As a result, analysts urged SHIB enthusiasts to “fasten their seatbelts” in preparation for a possible third wave, signaling the possibility of explosive price volatility in the near future. However, analysts also warned that enthusiasts should remain vigilant and wait for confirmation before getting too excited about a possible third wave rise.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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