Shiba Inu (SHIB) has been making waves in the cryptocurrency market, with analysts predicting a potential 987% increase in its price. According to Elliott Wave analysis, SHIB is entering its most powerful upward phase, setting the stage for significant growth. Analyst Zach Humphries has projected that SHIB could reach a price level of $0.0002, pushing its market cap to $118 billion, surpassing its previous all-time high.
Despite a recent pullback in SHIB’s price, Humphries believes that this correction is a healthy consolidation following a period of upward momentum. Key support levels at $0.000018 are crucial for further price movement, with over 120,000 addresses holding significant amounts of SHIB in this zone. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a positive outlook for SHIB, with room for further gains.
Recent breakout above $0.000021 from a falling wedge pattern has added to the optimistic forecast for SHIB. Pseudonymous analyst “Our New World” has also weighed in, projecting a potential 44,000% gain for SHIB if it breaks out of its current long-term consolidation. This move could mirror SHIB’s explosive rise in 2021, potentially reaching a price of $0.00826010.
It is important to note that the information presented in this article is for informational and educational purposes only and does not constitute financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions related to SHIB or any other cryptocurrency.