A notable analyst shared price targets for the Shiba Inu Elliott Wave, including a triple-digit rise to a new all-time high after a breakout.
Shiba Inulike most other cryptocurrencies, is in a corrective phase. The second-largest coin by market has given up most of its gains since hitting a high of $0.00002816 on Nov. 24, down 11% from the weekly high.
However, analysts view the decline as an accumulation opportunity ahead of Shiba Inu’s impending explosive rise. Notable market speculator Charting Guy expects the near-term bear market takeover to ensure a triple-digit Shiba Inu resurgence.
Analyst Says Shiba Inu Targets on Multiple Levels
Charting Guy asked his audience in a tweet today if they have accumulated enough Shiba Inu for an imminent price hike. The analyst then shared his assertions on the Shiba Inu’s upcoming price targets.
In an accompanying chart, he shows an Elliott Wave pattern that he expects Shiba Inu to follow. Notably, its chart indicates that the meme coin has completed the first and second phases of the wave count, suggesting that the third wave is still underway.
The graph shows that Shiba Inu made its first and its respectively second waves during the March surge above $0.000045 and the subsequent retracement to $0.00001080 in August. According to the Charting Guy chart, the third wave phase is already underway and is targeting the $0.00012 price zone.
Notably, an increase to $0.00012 from the current market price results in an increase of 380%. At this price, Shiba Inu’s market capitalization would also exceed the $70 billion mark, which is higher than Dogecoin’s current valuation.
Shiba Inu to climb to $0.0002
Guy’s chart suggests that Shiba Inu would return near the 0.786 Fibonacci level of $0.00004937 before the next bullish leg. At the start of the fifth wave, the analyst claims that the leading coin will reach $0.0002.
In total, the Shiba Inu would have surged 718% from the current market price if it had reached $0.0002. Its market capitalization would be Also surpass widely held speculation A valuation of $100 billion to reach 118 billion dollars.
Notably, several analysts have speculated that Shiba Inu was capable of claiming the price of $0.0002. For example, Alan Santana, previously affirmed that the meme coin would reach this price in the near future, citing broader bullish market momentum.
Additionally, another analyst, Michael, affirmed that Shiba Inu will follow an Elliot Wave pattern up to $0.0002. His commentary shares similarities with Charting Guy’s analysis, with Michael suggesting that the meme coin will lead to a coveted 718% upside.
Double the positions at Shiba Inu
In anticipation of the impending surge, Charting Guy revealed that he has doubled Shiba Inu accumulation. The analyst revealed that he increased his exposure to the leading coin by 100% twice during recent declines, positioning himself to maximize the impending upside.
I just doubled my $SHIB position AGAIN‼️ https://t.co/YqG0ULWr7w pic.twitter.com/5cEezxVlrT
– Charting Guy (@ChartingGuy) November 26, 2024
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