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Prominent analysts expect Shiba Inu to spike to a price range of $0.0001 to $0.0002 based on a complex web of Elliott Wave patterns.
Shiba Inu (SHIB) has spiked 13% over the past week as it leverages the ongoing market recovery for a rebound. This upsurge has allowed SHIB reclaim the $0.000018 price territory. The canine-themed token is now looking to build on this recovery push to hit 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.
Shiba Inu Targets $0.0001 on Wave 3
Michael’s chart, marked with various wave counts, indicates SHIB is in the final phase of a corrective wave labeled as ‘c’. He suggests that once SHIB completes wave c, it would engineer a shift into the impulsive wave 3.
$SHIB / $USDT breaks the marked level & we should move into w3 and complete the measurement pic.twitter.com/Fqv5RgPa7x
— BigMike7335 (@Michael_EWpro) July 14, 2024
This shift is crucial as wave 3 is typically the strongest and longest in an Elliott Wave cycle, suggesting a significant upward movement. Michael also highlights multiple support and resistance levels. Key support levels sit at $0.00000800, with significant resistance levels at $0.00002300 and above.
The chart further shows a volume profile, indicating significant buying and selling interest at various price levels. Notably, there is considerable activity around the $0.00001000 to $0.00002300 range, which is worthy of note.
In anticipation of wave 3, Michael sets two key price targets for SHIB. The first target is at $0.00002345, aligning with a breakout from a prevailing bull flag pattern. Meanwhile, the more ambitious target is at $0.00010114, which aligns with the completion of wave 3.
An Ambitious $0.00025 Target
Meanwhile, More Crypto Online, a prominent crypto analysis platform, further provides a bullish outlook for SHIB. They also based their analysis on the Elliott Wave Theory, highlighting the potential for SHIB to transition from a corrective wave (B) to an impulsive wave (C).
$SHIB: A bullish reversal to the upside is possible in the yellow scenario, but not reliable until a first 1-2 setup in wave C occurs. However, there is a potential reversal candle visible in the orange support zone that is defined between $0.x94 and $0.x167.#SHIB #ShibaInu… pic.twitter.com/pAJHkQjEup
— More Crypto Online (@Morecryptoonl) July 13, 2024
The analysis suggests SHIB is nearing the end of wave (B) and is expected to move into wave (C). Data from the chart shows key support zones based on Fibonacci retracement levels, with the Fibonacci 0.5 located at $0.0000167. Notably, this level serves as a potential support zone.
Another support level rests on the 0.618 Fibonacci retracement at $0.0000131. The 0.786 Fibonacci Retracement level is also pivotal, aligning with $0.0000094.
According to the platform, SHIB could witness a potential reversal candle within the orange support zone. This suggests a bullish reversal may be imminent. However, the platform emphasizes the need for a clear 1-2 setup in wave C to confirm this reversal.
Interestingly, should the bullish setup materialize, More Crypto Online identifies several ambitious price targets for SHIB. They base these targets on Fibonacci levels, specifically identifying $0.0000897, at $0.0001696, and $0.0002501.