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Michael, a crypto market analyst known for his affinity for the Elliott Wave theory, sees Shiba Inu (SHIB) eventually claiming the $0.0001 price level amid the completion of its fifth wave.
When Shiba Inu soared 372% from $0.00000967 on Feb. 26 to its yearly peak of $0.00004567 on March 5, the rally reignited investor optimism. As a result, market participants rejuvenated discussions around the elusive $0.0001 goal.
For instance, a presentation of historical data from content specialist Lucie suggested that SHIB had the potential to rally to $0.000012 in a week. Meanwhile, lead developer Shytoshi Kusama dismissed this projection as an underestimate. In addition, crypto influencer Oscar Ramos expressed his confidence that SHIB to $0.0001 is 100% possible.
Shiba Inu was well on its way to this price level during the latest price run, with only 118% required to reach $0.0001 from the $0.00004567 high on March 5. However, the ensuing correction saw SHIB relinquish this peak, dropping below major support levels.
Shiba Inu Could Hit $0.0001019 On Fifth Elliott Wave
While the community has witnessed a reduction of these calls amid anticipation of a recovery, analyst Michael recently expressed his confidence in Shiba Inu’s potential to reach $0.0001, introducing a technical point of view.
In a recent analysis, Michael leveraged a 3-day chart to reveal that Shiba Inu has been following a five-wave structure since it collapsed to $0.00000671 in October 2023. The asset completed the first wave when it rose to $0.00001195 in December 2023 and recorded a retracement to $0.00000879 in January 2024 for the second wave.
Data from the chart reveals that the third Elliott Wave pushed Shiba Inu to the $0.00004567 peak earlier this month. Nonetheless, the fourth wave introduced the ongoing correction, which Michael believes should come to an end soon.
The completion of the fourth wave would mark the end of this retracement, with SHIB set to recover once it begins Wave 5. The crypto analyst expects Shiba Inu to hit a high of $0.00010191 upon concluding the fifth wave.
Notably, to reach this level, Shiba Inu would need to rally 231% from its current price. The token is already witnessing a recovery push, currently up 7.14% today, as it leverages the ongoing market resurgence. SHIB has now reclaimed $0.00003, changing hands at $0.00003077 as of press time.