Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Shiba Inu Elliott Wave Analysis: 987% Price Surge Predicted

Shiba Inu Elliott Wave Analysis: 987% Price Surge Predicted

CoineditionCoinedition2024/10/01 16:00
By:Abdulkarim Abdulwahab
  • Shiba Inu could reach a price level of $0.0002, marking a potential 987% increase.
  • Elliott Wave analysis identifies SHIB as entering its most powerful upward phase.
  • SHIB’s market cap could hit $118 billion, according to some projections.

Analysts predict a massive price surge for Shiba Inu (SHIB), with predictions of a possible 987% rise from its current price. This outlook comes as SHIB enters what analysts believe is its most powerful upward phase based on Elliott Wave theory, as noted by analyst Zach Humphries.

On Monday, Humphries projected that SHIB could reach a price level of $0.0002, which would push its market capitalization to $118 billion. This would far exceed its all-time high of $45 billion in 2021. This target is linked to SHIB’s entry into wave 3 of the Elliott Wave cycle, a phase typically characterized by extended price growth.

Notably, the excitement around SHIB has recently cooled. The coin experienced a 24-hour decline of 8.07% and is now trading at $0.00001691. Over the past three months, the token’s gains have narrowed to just 9.65%, and its market cap has dropped to $9.9 billion. 

Despite this pullback, Humphries believes the dip is a healthy correction following recent upward momentum.

Key Shiba Inu Support Levels Remain Crucial

Humphries highlighted a key support zone at the $0.000018 mark, where over 120,000 addresses hold significant amounts of SHIB. If this level holds, it could lead to further consolidation before SHIB embarks on its next bullish move.

Technical Indicators Signal Optimism

Several technical indicators also suggest a positive outlook for SHIB. The Relative Strength Index (RSI) indicates that SHIB is not yet in overbought territory, providing room for further gains. Additionally, the Moving Average Convergence Divergence (MACD) has shown consistent bullish momentum, signaling further potential price growth.

Humphries also noted Shiba Inu’s recent breakout above $0.000021 from a falling wedge pattern, further supporting his optimistic forecast.

Other Analysts Weigh In

Pseudonymous analyst “Our New World” was even more optimistic. Using Fibonacci retracement and extension levels, their analysis projected a staggering 44,000% gain if SHIB broke out of its current long-term consolidation. 

This move would mirror SHIB’s explosive rise in 2021, and if achieved, it would place SHIB’s price at $0.00826010.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Pump Science apologizes after GitHub key leak leads to fraudulent tokens

Share link:In this post: The DeSci platform Pump Science has warned its users not to trust any tokens launched using its Pump.fun profile. Pump Science said it would never launch its tokens on Pump.fun. While Pump Science holds BuilderZ partially responsible for the security breach, it does not think BuilderZ was the attacker.

Cryptopolitan2024/11/28 12:33

Bitget Spot Bot adds MAJOR/USDT

We are pleased to announce that Bitget spot bot has now added: MAJOR/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest at your own

Bitget Announcement2024/11/28 12:15