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While the meme coin market explodes with Dogecoin, PEPE, and Dogwifhat soaring, Shiba Inu (SHIB) seems stuck in neutral. Despite a recent 2.5% weekly dip, analysts remain optimistic about SHIB’s future, with some predicting a historic rally.
Currently trading at $0.00001769, SHIB hasn’t seen significant growth in the last 24 hours. However, it’s still up 35% compared to its early-month low, suggesting underlying bullish momentum. This, combined with technical indicators, has some analysts confident about a potential price surge.
“Howling at the Moon” for a New ATH?
A prominent chartist and Binance KOL, “ETF,” believes SHIB is gearing up for a new all-time high (ATH) based on Elliott Wave analysis. Their analysis, shared on platform X, suggests SHIB is “howling at the moon” – a metaphor for its potential price explosion.
Elliott Wave Theory: A Roadmap to $0.0001?
The analyst presented an Elliott Wave chart of SHIB’s historical performance. This theory proposes that prices move in predictable wave patterns, including impulsive waves (uptrends) and corrective waves (downtrends).
The chart highlights a previous impulsive wave that led to SHIB’s March 2023 high of $0.000045, followed by a corrective wave that brought the price down to $0.00001294 in July.
Wave 3: Buckle Up for a Potential Explosion?
The analyst predicts a new, stronger “wave 3” is on the horizon. This wave is expected to not only reclaim the 2021 ATH of $0.00008845 but also propel SHIB into a new price discovery phase within the $0.0001 range – a significant jump from its current price.
Also Read: Shiba Inu (SHIB) Price On Edge! Analyst Predicts 351% Surge as Meme Coin Rides Market Momentum
While “ETF” urges SHIB enthusiasts to “buckle up,” they also emphasize caution. Confirmation of this potential wave 3 rally is crucial before getting overly excited. Investors should conduct thorough research and consider their risk tolerance before investing in any cryptocurrency.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
