Renowned market analyst Michael has made a bold prediction for Shiba Inu (SHIB), forecasting an imminent elimination of the zero-digit from its price. Based on an intricate Elliott Wave pattern analysis, Michael believes that SHIB is on the cusp of a significant breakout.
In a recent X post, Michael reaffirmed bullish sentiments on SHIB, interpreting current price action as a precursor to a sustained upward wave. This surge could propel SHIB to new heights, redefining its market potential.
According to Michael’s chart analysis, SHIB’s price is unfolding within a five-wave impulse pattern, a bullish technical formation that suggests further growth. The first wave culminated on August 24, when SHIB reached a record high of $0.000016117.
Following the August 24 peak, SHIB’s price retraced, forming the corrective Wave 2. This downward spiral concluded on September 4, with SHIB dropping to $0.00001246.
Michael’s data indicates that SHIB has now entered Wave 3, a powerful upward wave that is expected to surpass its predecessors in both magnitude and duration. Elliott Wave Theory suggests that this wave could drive SHIB’s price towards $0.0002479 or even higher.
Beyond Elliott Wave analysis, Michael has identified crucial technical levels that will influence SHIB’s price action. A key resistance level lies at $0.00003747, where SHIB previously reached a high. This level coincides with the Fibonacci 0.618 region, forming a potent confluence that could propel SHIB higher.
The SHIB market is currently teetering on the edge of a significant technical breakthrough. If SHIB can break above the resistance level, it would strengthen the case for an Elliott Wave breakout and potentially target $0.0002 in the medium term.
Meanwhile, IntoTheBlock’s data reveals a strong support structure for SHIB, with 120,930 addresses holding between $0.000014 and $0.000018, collectively holding an astonishing 550 trillion SHIB.
A falling wedge pattern, which has been constraining SHIB’s price action, has recently broken out to the upside. This bullish reversal suggests that SHIB is emerging from a period of consolidation and is poised for a significant upward move.
The confluence of technical indicators supports the bullish outlook for SHIB. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are both aligned in a bullish configuration, indicating a strong upward momentum.
Additionally, the MACD has recently crossed above its signal line, a bullish signal that suggests a potential change in market sentiment. The consistent formation of bullish bars on the MACD chart over the past few days further reinforces the bullish momentum.
Also Read: Shiba Inu (SHIB) Soars 20% To 6-Month High Amid Shibarium And Burn Mechanism Surge
At the time of writing, Shiba Inu is trading at $0.00001809 , up 5% over the past 24 hours. The potential upside remains significant, with a 1261.5% appreciation required to reach the target of $0.0002479.
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.
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