Shiba Inu, the popular cryptocurrency, is poised to make a significant move towards the $0.00045 price level, riding on a complex network of Elliott Wave patterns. Captain Toblerone, an experienced market analyst, has been closely monitoring the price movements of Shiba Inu and has recently provided an updated analysis.
In the current cryptocurrency market, there has been a consistent range-bound price action, with attempts to break out facing resistance. Bitcoin, the leading cryptocurrency, attempted to surpass $70,000 but encountered opposition at $70,687 and ultimately dropped below key psychological levels, including $68,000.
Shiba Inu followed a similar trajectory, experiencing a 4% increase to surpass the $0.000025 threshold. However, as Bitcoin retraced, Shiba Inu also experienced a price drop and is now trading below the crucial $0.000025 level.
Despite the current downtrend, Toblerone suggests that this is only temporary. He predicts that Shiba Inu will return to its previous yearly highs based on an ongoing Elliott Wave pattern. The Elliott Wave theory analyzes market price movements through repetitive cycles of five waves.
Typically, the second and fourth waves follow a corrective structure, while the first, third, and fifth waves lead to price surges, with the third wave being the most significant. Interestingly, Shiba Inu is currently trading within the second wave, which has resulted in a retracement from its previous high of $0.000045 achieved during Wave 1.
Data from Toblerone’s chart indicates that the second corrective wave has ended, and Shiba Inu is on the verge of a massive rally during Wave 3. According to Toblerone, this third wave could push the price of SHIB to a peak of $0.00022, setting a new all-time high.
Following this peak, the fourth wave is expected to bring another retracement, with a corrective target of $0.00012. However, this correction would precede a resumption of the upward trend, with the ultimate target for Wave 5 being $0.00045. Currently priced at $0.00002485, Shiba Inu would need to increase by 1,710% to reach the $0.00045 target.
If Shiba Inu achieves this price level, its market cap would reach $265 billion, assuming the circulating supply remains stable at 589 trillion tokens. This suggests that the price target is attainable. However, Shiba Inu is currently down 3% today at its current value of $0.00002485.
It is important to note that this content is informational and should not be considered financial advice. The views expressed in the article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.