In a whirlwind of activity and fascination, Shiba Inu, the meme cryptocurrency, has recently experienced fluctuating price heights. These sudden motions in prices have incited cryptocurrency traders and analysts to speculate whether the SHIB token could touch the lustrous $0.0001 mark, a goal that has somewhat eluded it despite its exceptional price performance.
Micheal_EWPro, a renowned cryptocurrency analyst, sparked intrigue when he laid out his predictions for when this unique cryptocurrency could potentially hit the celebrated $0.0001 level. According to him, the current market dynamics could propel SHIB past the $0.0001 benchmark as early as June, a prediction rooted in the principles of the Elliott Wave Theory.
Through a SHIB chart that demonstrates a 3-day candlestick formation, Micheal emphasizes that Shiba Inu’s price trajectory since the start of 2022 has consciously adhered to the Elliott Wave count. In essence, the Elliott Wave Theory is a revered technical analysis method that gauges price movement via a five-wave motion in the dominant trend and a three-wave correction in the inverse trend.
Each Elliott Wave in itself embodies smaller degree impulses distinguished by patterns in their formation. Yet, these subdivisions collectively contribute to one larger wave impulse.
Applying his insights on Elliot Wave Theory, Micheal pinpointed that since October 2023, SHIB has initiated the formation of the third of five larger degree waves. These waves are delineated by smaller impulses, identified as i, ii, iii, iv, and v. Conventionally, this third Elliot Wave is perceived as the most substantial and formidable wave within a trend, often characterized by most of the price action. Consequently, Micheal’s analysis hints at the culmination of the third wave at a price fractionally over $0.0001 by the first week of June.
Nevertheless, Micheal sensitively advised a profit-taking step at $0.00008854 and a concluding price target of $0.00010191. He added a cautionary note that the cryptocurrency’s bullish supporters still have hurdles to cross to transform this price point into a reality.
Turning a new leaf, Shiba Inu has witnessed a revert since commanding a price of $0.00004456 and has predominantly oscillated between $0.000030 and $0.0000275 since the commencement of the current week. Despite the fluctuations, both analysts and SHIB proponents remain optimistic, particularly given the recent listing of SHIB on a noted Australian-based crypto exchange.
Enthusiasm for Shiba Inu surged, propelling it to second place in crypto searches. Concurrently, Shibarium, Shiba Inu’s layer-2 platform, witnessed its TVL skyrocket to a fresh record of $3.9 million.
As it currently stands, SHIB is exchanging hands at $0.00003097, marking an uplifting improvement of 14% within the past seven days. As such, all eyes remain on the SHIB trajectory, eagerly anticipating the rises and falls it may herald in the journey to the much-awaited $0.0001 mark.
