A notable analyst has shared Shiba Inu Elliott Wave price targets, including a three-figure upsurge to a new all-time high following a breakout.
Shiba Inu, like most other cryptocurrencies, is in a corrective phase. The second-largest meme coin by market has relinquished most of its gains since it reached a top of $0.00002816 on Nov. 24, down 11% from the weekly high.
However, analysts view the downside as an accumulation opportunity before the imminent Shiba Inu explosive upside. Notable market speculator Charting Guy expects the short-term bearish market takeover to ensure a three-figure Shiba Inu upsurge.
Analyst States Multi-Level Shiba Inu Targets
Charting Guy asked his audience in a tweet today if they have accumulated enough Shiba Inu for an impending price upswing. The analyst then shared his assertions of Shiba Inu’s next price targets.
In an accompanying chart, he shows an Elliott wave pattern that he expects Shiba Inu to follow. Notably, his 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 chart shows that Shiba Inu respectively achieved its first and second waves during the March upsurge past $0.000045 and the subsequent retracement to $0.00001080 in August. Per Charting Guy’s chart, the third wave phase is already underway and targets the $0.00012 price zone.
Notably, a surge to $0.00012 from the current market price entails a 380% upswing. At this price, Shiba Inu’s market cap would also rise above the $70 billion mark, which is higher than Dogecoin’s current valuation.
Shiba Inu to Surge to $0.0002
Charting Guy’s chart suggests that Shiba Inu would retrace to near the 0.786 Fibonacci level of $0.00004937 before the next leg up. At the start of the fifth wave, the analyst asserts that the leading meme coin will surge to $0.0002.
In aggregate, Shiba Inu would have surged 718% from the current market price if it attained $0.0002. Its market cap would also surpass the widely speculated $100 billion valuation to hit $118 billion.
Notably, several analysts have speculated that Shiba Inu is capable of claiming the $0.0002 price mark. For instance, Alan Santana previously asserted that the meme coin would reach this price in the near future, citing a broader market bullish momentum.
Furthermore, another analyst, Michael, asserted that Shiba Inu will follow an Elliot Wave pattern to $0.0002. His commentary shares similarities with Charting Guy’s analysis, with Michael suggesting the meme coin will make the much-coveted 718% uptick.
Doubling Positions In Shiba Inu
In anticipation of the impending upsurge, Charting Guy revealed he has doubled down on Shiba Inu accumulation. The analyst disclosed he had increased his exposure to the leading meme coin by 100% twice in recent dips, positioning himself to maximize the impending uptick.
just doubled my $SHIB position AGAIN‼️ https://t.co/YqG0ULWr7w pic.twitter.com/5cEezxVlrT
— Charting Guy (@ChartingGuy) November 26, 2024
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