- 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.
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