An analyst recommends increasing investments in Shiba Inu now, forecasting a rise in its value to $0.0002 following a breakout.
A prominent analyst has outlined ambitious price targets for Shiba Inu, utilizing Elliott Wave theory to predict a significant increase that could lead to a new all-time high following a breakout.
Currently, Shiba Inu, the second-largest meme coin by market capitalization, is experiencing a corrective phase, having dropped 11% from its recent peak of $0.00002816 on November 24.
Despite this downturn, analysts see it as a prime opportunity for accumulation before a potential explosive rise in Shiba Inu’s value.
Notably, market expert Charting Guy believes that the prevailing short-term bearish trend could set the stage for a substantial three-figure increase in the token’s price.
In a recent tweet, Charting Guy engaged his audience by asking whether they have accumulated enough Shiba Inu in anticipation of an upcoming price surge.
He shared insights into his analysis, highlighting an Elliott Wave pattern that suggests the coin has completed its first two phases and is currently in the third phase.
According to his chart, Shiba Inu reached its first wave peak during the March surge past $0.000045 and then retraced to $0.00001080 in August.
Charting Guy’s analysis indicates that the ongoing third wave could target the $0.00012 price range, representing a remarkable 380% increase from the current levels.
Achieving this price would also elevate Shiba Inu’s market capitalization to over $70 billion, surpassing that of Dogecoin.
Charting Guy further predicts that Shiba Inu may retrace to the 0.786 Fibonacci level around $0.00004937 before launching into the next leg of its upward trajectory.
He anticipates that as the fifth wave begins, the token could ultimately soar to $0.0002.
If this target is met, it would signify an impressive 718% gain from current prices, pushing Shiba Inu’s market cap beyond an estimated $100 billion to approximately $118 billion.
Other analysts, including Alan Santana, have echoed this sentiment, suggesting that Shiba Inu is poised to reach the $0.0002 mark soon, driven by a broader bullish momentum in the market.
Similarly, another analyst, Michael, supports the Elliott Wave projection toward $0.0002, aligning with Charting Guy’s expectations for a substantial increase.
In light of these predictions, Charting Guy has taken proactive measures by doubling his investment in Shiba Inu.
He revealed that he has increased his holdings by 100% during recent price dips, positioning himself to capitalize on the anticipated upward movement in the coin’s value.
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