Shiba Inu Poised to Ride on Elliott Wave Structure for a Push to $0.00045

Shiba Inu looks to ride on a complex web of Elliott Wave patterns to record a push toward the $0.00045 price territory.

This is according to Captain Toblerone, a seasoned market analyst, in his latest analysis of Shiba Inu’s price movements. The chartist has continued to update his outlook for SHIB against changing market dynamics since last October.

Recently, the broader crypto market has maintained its range-bound price action, with all attempts at a breakout facing bearish opposition. Bitcoin (BTC) moved to push above $70,000 yesterday, but witnessed resistance at $70,687, eventually collapsing below crucial psychological levels, including $68,000.

Shiba Inu followed a similar trajectory, rising by over 4% to breach the $0.000025 price threshold. However, as the retracement impacted Bitcoin, SHIB also recorded a price drop, currently changing hands underneath the pivotal $0.000025 territory.

Shiba Inu Bound for Recovery

However, in his chart update, Toblerone suggests that this downtrend might only last for a short time. He expects Shiba Inu to return to the previous yearly highs, citing an ongoing Elliott Wave pattern. Notably, the Elliott Wave pattern predicts market price movements through repetitive cycles of five waves.

$SHIB chart update. pic.twitter.com/v3pZxH3DJA

— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) May 27, 2024

The second and fourth waves typically follow a corrective structure, while the first, third and fifth waves lead to price surges, with the third wave the most extensive. Interestingly, Shiba Inu currently trades within the second wave, which has led to a retracement from the $0.000045 high it recorded on the back of Wave 1.

– Advertisement –

Data from Toblerone’s chart suggests that the second corrective wave is over, with Shiba Inu now on the brink of recording a massive rally on Wave 3. According to the market analyst, this third wave would lead to a price peak of $0.00022 for SHIB, marking a new all-time high.

Fifth Elliott Wave to Spark Rally to $0.00045

After this peak price, 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 push, with the ultimate target for Wave 5 sitting at $0.00045. At the current price of $0.00002485, Shiba Inu must spike by 1,710% to hit the $0.00045 target.

Moreover, SHIB’s market cap would sit at $265 billion should it claim this price, assuming its circulating supply remains stable at 589 trillion tokens. This indicates that the price target is feasible. Meanwhile, at the current $0.00002485 value, Shiba Inu is down 3% today.