- Shiba Inu (SHIB) price forecast: Elliott Wave analysis suggests potential 500%+ surge to $0.0001.
- Analyst cites corrective phase ending around $0.0000055 as signal of future recovery.
- Bullish outlook considers SHIB’s history and potential to break its $0.00008616 ATH.
Shiba Inu (SHIB) has become a token with intense price speculation as analysts believe SHIB could surge by over 500% soon, potentially hitting $0.0001
The Bullish Case for SHIB: Elliott Wave & More
Elliott Wave analysis from the trader CaptToblerone points to a potential sharp recovery. The analysis suggests SHIB completed a corrective phase around $0.0000055. It then indicates a five-wave uptrend, with prices rising in a clear sequence. If this pattern plays out, SHIB could climb toward $0.00014, a tenfold increase from current levels.
Notably, the Elliott Wave theory has accurately predicted past SHIB movements. Some traders now anticipate SHIB breaking its previous all-time high of $0.00008616.
However, SHIB also experienced a recent downturn, following an ABC Elliott Wave pattern after rallying to $0.00004567 in March 2024. SHIB currently trades in Wave B, around $0.00001189. This suggests potential further correction, with some analysts expecting a dip to $0.0000055 before the predicted surge.
Should this correction happen, analysts believe it could set the stage for the larger uptrend towards the $0.0001 target.
Related: SHIB Army Watches Closely: Descending Triangle Nears Apex
Can Shiba Inu Realistically Reach $0.0001?
A $0.0001 price target for Shiba Inu is not far-fetched. At that level, SHIB’s market capitalization would reach roughly $58.9 billion, a significant increase from its current standing. This price target seems achievable especially considering SHIB’s historical price action and recent trends.
Key factors support a potential SHIB price rise; a major one being its burn rate. A higher burn rate means more tokens removed from circulation, increasing the value of the remaining tokens.
Also crucial: increased activity on Shibarium, the SHIB Layer 2 network. Expansion and greater utility for Shibarium could spur user adoption and significantly boost demand for SHIB itself.
Rising Open Interest Signals Bullish Sentiment
Finally, rising open interest signals bullish sentiment. Recent data shows SHIB’s open interest recovering strongly, exceeding $116 million.
Related: SHIB Holds #2 Meme Rank, But Can It Survive This Critical Support Test?
This indicates traders are increasingly betting on price increases, some holding SHIB for the long term. This rising open interest, combined with positive funding rates, supports the idea of significant price moves for SHIB soon.
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