Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally
March 28 2024 - 5:00PM
NEWSBTC
Shiba Inu has gone on various price spikes in the past few months
amidst a surge in activity and interest in the meme coin. This
price movement has prompted traders and analysts to ponder on when
SHIB can reach the much coveted $0.0001 mark, a price level which
it has largely failed to reach despite the impressive price
action. Micheal_EWPro, a crypto analyst, posted an analysis
on when SHIB could potentially reach the $0.0001 price level.
According to him, the current dynamics could push SHIB above
$0.0001 in June. Interestingly, his price prediction is based on
the Elliott Wave Theory. Analyst Reveals SHIB Is Going To $0.0001
According to the SHIB chart shared by Michael on the 3-day
candlestick formation, the meme coin’s price formation since 2022
has largely followed the Elliott Wave count. The Elliot Wave Theory
is basically a technical analysis method that analyses price
movement traditionally in terms of a 5-wave move in the direction
of the larger trend and a 3-wave correction in the opposite trend.
Related Reading: XRP Price Enters Pre-Bull Rally Phase: Crypto
Analyst Reveals Next Target Each of these Elliott Wave can be
further subdivided into various patterns of smaller degree impulses
based on their formations. However, all the subdivisions add up to
one larger wave impulse. Using this knowledge of Elliot Wave
Theory, the analyst noted that SHIB has started the formation of
the third of five larger degree waves since October 2023 albeit
with smaller degree impulses which he labelled as i, ii, iii, iv,
and v. Traditionally, the third Elliot Wave is usually the largest
and most powerful wave in a trend where most of the price action
takes place. As a result, his analysis points to the third wave
ending at a price just above $0.0001 in the first week of June. The
analyst did implore a take-profit at $0.00008854 and a final price
target of $0.00010191, while also noting that the bulls still have
some work to do before this price point can come to a
reality. $SHIB bulls got a little work to do here on 3D but
after that I think it sends to my sub 5 TP
pic.twitter.com/YQLQqw8bxH — BigMike7335 (@Michael_EWpro) March 24,
2024 What’s Next For Shiba Inu? Shiba Inu has reversed since
reaching $0.00004456 and has majorly traded between $0.000030 and
$0.0000275 since the beginning of the week. However, analysts and
SHIB enthusiasts remain positive, especially with SHIB securing a
listing on an Australian-based crypto exchange. Related Reading:
The Road To $100,000: Bitcoin Whale Accumulation Explodes This
positive sentiment recently pushed SHIB to second place in crypto
searches. At the same time, Shiba Inu’s layer-2 platform,
Shibarium, has seen its TVL surging to a new high of $3.9 million.
At the time of writing, SHIB is trading at $0.00003097, up by 14%
in the past seven days. SHIB price at $0.000031 | Source:
SHIBUSDT on Tradingview.com Featured image from TronWeekly, chart
from Tradingview.com
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