Elliot Wave Analysis Forecasts Shiba Inu Price Could 2X

Shiba Inu price, a popular meme-based coin, surged within the past 24 hours, reflecting broader market bullish trends. The cryptocurrency market has gained momentum over the last month, attracting significant attention from investors. Shiba Inu maintains a strong upward trajectory, signaling potential for further growth. Elliott Wave analysis predicts the possibility of SHIB doubling its value soon.

Elliot Wave Analysis Hints Shiba Inu Price Could 2X

Crypto analyst shared an X post illustrating a bullish Elliot Wave pattern for Shiba Inu ($SHIB). The chart reflects an ABC wave structure, signaling a possible significant price movement in the coming months.

Wave A was initiated during late Q4 2023, establishing the foundation for this pattern. Wave B concluded in early Q3 2024, marking a correction phase. Based on the analyst’s projection, Wave C could drive SHIB’s price toward $0.00050, representing an approximate 100% surge from its current value.

Source- X

Over the past week, the meme-based coin has seen a slight bearish trend after a market consolidation. However, the SHIB price has recently resurged in the crypto market, with BTC hovering above $100K, fueling the surge. At the reporting time, the SHIB price is trading at $0.00002849, with a surge of 2% in the past 24-hours.

SHIB’s Supply on Exchanges Plumment As Whales Accumulate

The whale activity surrounding SHIB has become a focal point as key metrics reveal bullish trends. The supply of SHIB on exchanges, represented by the red line, has significantly dropped. This decline suggests that investors transfer their tokens to cold wallets, signaling growing confidence in the asset’s long-term value. 

A reduced exchange supply often results in lower selling pressure, a positive development for price stability and growth.

The supply of SHIB held by top non-exchange addresses, shown by the yellow line, steadily increases. This indicates active accumulation by major investors, or whales, further reinforcing the bullish sentiment. 

Whales are typically seen as market leaders, and their growing holdings suggest optimism about SHIB’s future potential. Together, these trends point to a stronger market position for SHIB, driven by reduced sell-side pressure and increased accumulation.

Source- Santiment

SHIB Technical Analysis

After a recent market correction, SHIB’s price shows signs of recovery. The cryptocurrency trades above $0.000028. Despite this, key technical indicators suggest potential bullish momentum ahead.

The Moving Average Convergence Divergence (MACD) indicator displays cautious optimism. The MACD line remains above the signal line, albeit slightly narrowing. If accompanied by stronger volume, continuing this positive divergence could trigger a price rally.

The Chaikin Money Flow (CMF) stands at 0.14, indicating significant capital inflow. A consistent rise in this metric suggests growing investor confidence, which could fuel further upward momentum for SHIB.

SHIB/USDT price Chart: TradingView

Immediate resistance lies at $0.00003, followed by $0.000035. If the bullish trend sustains, the Shiba Inu price prediction might target $0.00004. If bullish momentum strengthens, SHIB could test the $0.00005 mark in the coming weeks.  On the downside, strong support is observed at $0.00002500, with another layer at $0.00002000.

The Shiba Inu price shows potential for a 2X surge, driven by bullish Elliott Wave patterns and whale accumulation. Technical indicators signal sustained upward momentum, reinforcing optimism for significant price growth in the coming months.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.