Expert Predicts Elliott Wave Could Drive SHIB Token to $0.0001
The Shiba Inu (SHIB), has not kept pace with recent increases seen in meme coins. Currently, SHIB is priced at $0.00001769, showing no change in the last 24 hours and a 2.5% decrease in performance over the past week.
In contrast, other similar coins like Dogecoin, PEPE, and Dogwifhat (WIF) have experienced notable gains in the past week. WIF surged by over 47%, PEPE gained 24%, and Dogecoin saw a 14% increase. Despite recent underperformance, Shiba Inu’s present price reflects a significant 35% increase from its low earlier in the month at $0.00001294. Analysts hold positive outlooks for its future momentum, with various technical indicators pointing to the potential for a rally to drive its price to new highs.
Overview Elliot Wave Chart
A respected chartist and Binance KOL, “ETF,” shared an analysis indicating that Shiba Inu might be on the brink of a new all-time high rally. The analysis suggests a considerable price surge based on an Elliott Wave analysis. The analysis comprises an Elliott Wave chart with different wave labels representing distinct phases within the Elliott Wave structure, including corrective waves and complex patterns.
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One of the waves illustrates Shiba Inu’s recent strong upward trend, reaching a three-year high of $0.000045 in March, following an extended downtrend. This was followed by a corrective phase, resulting in SHIB plummeting to $0.00001294 in July, marking a 71% decline from the recently attained multi-year high of $0.000045.
The analyst anticipates the emergence of a new wave, labelled “wave 3,” which is expected to be longer and stronger than the initial wave. This wave is predicted to not only push Shiba Inu to reclaim its 2021 all-time high of $0.00008845 but also initiate a new price recovery phase in the $0.0001 range.
Final Thought
Consequently, the analyst has advised SHIB enthusiasts to prepare for a potential wave three rally, hinting at the possibility of a significant price movement. However, the analyst has cautioned enthusiasts to remain vigilant and await confirmation before anticipating the potential wave three rally.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
