Elliot Wave Analysis Forecasts Shiba Inu Price Could 2X

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As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I have witnessed numerous market cycles and trends. The recent surge in Shiba Inu price, a meme-based coin that initially caught my attention due to its playful nature, has now piqued my interest for a different reason – its potential for significant growth.

In simple terms, the price of Shiba Inu, a well-known meme cryptocurrency, has seen a substantial increase over the past day, aligning with overall positive trends in the market. The crypto market as a whole has been gathering steam for the past month, piquing the interest of many investors. Shiba Inu continues to show a steady upward trend, hinting at potential for even more growth. According to Elliott Wave analysis, there’s a possibility that SHIB could double its current value in the near future.

Elliot Wave Analysis Hints Shiba Inu Price Could 2X

As a dedicated researcher delving into the realm of cryptocurrencies, I recently came across a compelling analysis shared by a fellow crypto enthusiast, which shed light on a potential bullish Elliot Wave pattern for Shiba Inu ($SHIB). Upon closer examination, the chart presents an ABC wave structure, a telltale sign suggesting a potentially substantial price shift in the upcoming months.

Initiated in late Q4 of 2023, Wave A laid the groundwork for this trend. Wave B ended early in Q3 2024, indicating a period of correction. According to analyst predictions, if Wave C materializes, it could propel SHIB’s price up to around $0.00050, which is nearly double its current value.

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. 

As an analyst, I find that when the supply of exchanges decreases, it typically leads to less selling pressure. This is a beneficial situation for maintaining price stability and fostering growth.

Over time, the quantity of Shib being stored in significant non-exchange wallets (represented by the yellow line) continues to rise. This trend suggests that prominent investors, often referred to as ‘whales’, are actively buying more Shib, thereby strengthening the optimistic outlook for its price.

As a researcher studying the cryptocurrency landscape, I’ve noticed an intriguing pattern concerning Shiba Inu (SHIB). Whales, often regarded as the trendsetters in this space, appear to be increasingly investing in SHIB, which suggests a positive outlook towards its future prospects. This growing interest from whales implies a strengthened market position for SHIB, primarily due to decreased selling pressure and heightened accumulation.

SHIB Technical Analysis

Following the latest market downturn, I’ve noticed a positive trend in Shiba Inu (SHIB) prices. Currently, it’s trading above 0.000028 USD. Interestingly, some key technical indicators hint at an upcoming bullish surge for this cryptocurrency.

The Moving Average Convergence Divergence (MACD) indicator shows a somewhat hopeful outlook as the MACD line persists above the signal line, although it’s becoming somewhat less distinct. With increased trading volume, this optimistic divergence might continue, potentially leading to an upward price trend.

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.

In simpler terms, the current resistance levels for Shiba Inu are at $0.00003 and $0.000035. If the positive trend continues, the price could potentially reach $0.00004. With increased bullish strength, the price might even touch $0.00005 in the near future. On the contrary, strong support can be found at $0.000025 and another layer at $0.000020, acting as potential floor prices if the trend reverses.

It’s possible that the cost of Shiba Inu could double (2X increase), thanks to favorable Elliott Wave trends and large investors stockpiling the coin. Technological signals suggest a continuous rise in value, adding credence to the hope for substantial price escalation over the next few months.

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2024-12-14 12:46