Shiba Inu continued multiple price spikes in recent months, amid an increase in activity and interest in meme currency. This price movement has traders and analysts pondering when SHIB can achieve the much-coveted $0.0001 mark, a price level it has failed to reach despite impressive price action.
Micheal_EWPro, a crypto analyst, posted an analysis on when SHIB could reach the $0.0001 price level. According to him, the current dynamics could push SHIB above US$0.0001 in June. Interestingly, its price prediction is based on Elliott Wave Theory.
Analyst reveals that SHIB will reach US$0.0001
According to the SHIB chart shared by Michael of the 3-day candlestick formation, the meme coin’s price formation since 2022 has largely followed the Elliott Wave Count. Elliot Wave Theory is basically a technical analysis method that analyzes price movement traditionally in terms of a 5-wave movement in the direction of the larger trend and a 3-wave correction in the opposite trend.
Each of these Elliott Waves can be subdivided into several lower-grade impulse patterns based on their formation. However, all subdivisions add up to a larger wave impulse.
Using this knowledge of Elliot Wave Theory, the analyst noted that SHIB has begun the formation of the third of the five highest degree waves since October 2023, albeit with lower degree impulses which he labeled as i, ii, iii, iv and v. The third Elliot Wave is usually the largest and most powerful wave in a trend where most of the price action occurs. As a result, his analysis points to the third wave ending with a price just above $0.0001 in the first week of June.
The analyst called for a take-profit of $0.00008854 and a final price target of $0.00010191, while also noting that bulls still have some work to do before that price becomes a reality.
$SHIB Bulls has a little work to do here in 3D but after that I think he sends it to my sub 5 TP pic.twitter.com/YQLQqw8bxH
-BigMike7335 (@Michael_EWpro) March 24, 2024
What’s next for Shiba Inu?
Shiba Inu reversed since reaching $0.00004456 and has mainly traded between $0.000030 and $0.0000275 since the start of the week. However, SHIB analysts and enthusiasts stay positive, especially with SHIB securing a listing on an Australian-based crypto exchange.
This positive feeling recently pushed SHIB to second place in cryptographic research. At the same time, Shiba Inu’s tier 2 platform, Shibarium, saw its TVL increase for a new increase of US$ 3.9 million.
At the time of writing, SHIB is trading at $0.00003097, up 14% over the last seven days.
SHIB price at $0.000031 | Source: SHIBUSDT on Tradingview.com
Featured image from TronWeekly, chart from Tradingview.com
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