Shiba Inu 3rd Wave Poised for a 10X Increase, as Analyst Anticipates a New All-Time High
In recent update, Shiba Inu (SHIB) price patterns closely resemble those of Dogecoin, indicating the potential for a significant price breakout. The assessment, provided by Charting Guy in response to a query about altcoins with substantial return potential, suggested Dogecoin, XRP, and FET. This led to a concerned inquiry about the omission of SHIB from the list.
SHIB Potential 10X Spike
The analyst emphasized that Shiba Inu holds considerable potential for a significant surge, comparable to that of Dogecoin, and supported this outlook with technical analysis. The analyst highlighted an instance where SHIB encountered resistance at the “golden pocket,” a significant Fibonacci retracement level, during its return to the $0.000031 to $0.000045 price range a few months ago.
It was noted that SHIB found robust support at the 0.236 Fibonacci level, corresponding to SHIB’s current price of approximately $0.000013, indicating potential price stabilization to resume its upward trend.
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SHIB Nearing ATH
Additionally, it was observed that SHIB’s recent movements align with the classical wave 1 and 2 formation from Elliott Wave Theory, signifying alternating bullish and corrective phases. Completion of these initial waves potentially sets the stage for a powerful wave 3, historically known to be the most impactful.
The analysis suggests that if wave 3 unfolds as anticipated, SHIB could surpass its all-time highs (ATH), which currently stand at $0.00008845, requiring a growth of over 556% to exceed this threshold. Charting Guy emphasized that many altcoins are displaying similar patterns, which emphasizes the potential for an explosive bullish wave that could propel most altcoins beyond their previous ATHs.
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