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Technical analyst “Charting Guy” recently highlighted the potential for Shiba Inu to witness a massive price surge beyond its 2021 highs.
According to the analyst, Shiba Inu (SHIB) is mimicking Dogecoin’s price patterns, setting the stage for a breakout. Charting Guy expressed this sentiment in response to a community member’s inquiry about which altcoins have the potential to deliver a juicy 10-fold return soon. He suggested Dogecoin, XRP, and FET.
The notable absence of SHIB from the list prompted a concerned Shiba Inu enthusiast to ask why Charting Guy often overlooks SHIB’s potential.
Shiba Inu Also has Potential for a 10X Surge
Responding to this query, the analyst highlighted that the outlook for Shiba Inu is as promising as it is for Dogecoin. He provided technical information to back his bullish sentiment on SHIB.
The analyst noted that SHIB recently faced rejection at the “golden pocket,” a critical Fibonacci retracement level between 0.618 and 0.65 that often serves as a resistance zone. This occurred when Shiba Inu returned to the $0.000031 to $0.000045 price range a few months ago.
Following this rejection, the analyst highlighted that SHIB has found strong support at the 0.236 Fibonacci level. This level aligns with Shiba Inu’s current price of around $0.000013. It suggests that the SHIB price may have stabilized around this area to continue its earlier upward trajectory.
Shiba Inu Set to Take Out its ATH
Furthermore, the analysis noted that SHIB’s ongoing movement aligns with the classic wave 1 and 2 formation from Elliott Wave Theory, which describes alternating bullish and corrective phases.
With the first two waves now complete, the market could be setting up for wave 3, which historically tends to be the most powerful.
According to the analysis, this wave 3, if it plays out as predicted, could send Shiba Inu soaring past its all-time highs (ATH). Notably, Shiba Inu’s ATH is at $0.00008845 and it needs a growth of over 556% to surpass the threshold.
Charting Guy noted that not just Shiba Inu but many altcoins are showing similar patterns. He stressed that the anticipated bullish wave will be explosive, causing most altcoins to crack their previous ATHs.