A notable market analyst has provided an update on Shiba Inu path to a new all-time high using the Elliott Wave price structure.
The analysis has raised optimism among market participants amid Shiba Inu’s sideways price trend lately. The doggy-themed meme coin’s 6% uptick yesterday could not make up for its early price corrections this week, placing the asset on track for a fifth consecutive monthly downtrend.
However, analyst “CAPT. PARABOLIC TOBLERONE” believes the downside is part of a broader bullish trend. In an April 17 post, he highlighted Shiba Inu’s path to price discovery from its recent correction.
A Little More Storm Before the Calm?
The analyst’s price update shows that Shiba Inu is trading within an ascending channel on the weekly timeframe. Since its launch, the token has sustained its trend within the structure, hitting the channel’s tip following its October 2021 rally to its current all-time high of $0.00008854.
However, the digital asset has been on a downturn since then, resuming an ABC Elliott Wave-structured skew with its rally to $0.00004567 in March 2024. An accompanying chart shows that Shiba Inu is currently in Wave B at its price of $0.00001189.
Meanwhile, the commentary suggested that SHIB would see further corrections, predicting a 54% south-bound decline from the current price to the bottom of the wedge and the end of Wave B at $0.0000055.
Shiba Inu to New All-Time High Next
With the completion of the correction, the analyst expects a quick-fire rebound to unprecedented prices. He highlighted the start of Wave C from the lows, with a rally above $0.00010 as the next target.
From the chart, Shiba Inu would retest its current levels from the $0.0000055 lows, then a pullback before a rally past the March 2024 high to over $0.000050. Ultimately, the asset will target the tip of the ascending channel, which the market watcher marked at above $0.00010 as it completes Wave C. Interestingly, the surge is about 741% from the current price and 1,718% from the wedge’s support.
Other $0.0001 Predictions
Meanwhile, CAPT. PARABOLIC TOBLERONE is not alone in his $0.00010 prediction; other analysts have called a similar price. For instance, Forbes highlighted a prediction from expert market watcher Himanshu Maradiya, noting that Shiba Inu will trade between $0.0001 and $0.0003.
Further, Javon Marks stated that Shiba Inu could attain a similar height, asserting an over 10x rally to $0.0001553. Moreover, the Shiba Inu ecosystem team confirmed the meme coin could cancel one more zero, agreeing to a prediction of a surge to $0.0001833.
In the meantime, Shiba Inu trades at $0.0000189, up 2.2% in the past 24 hours.
Source: The Crypto Basic / Digpu NewsTex