Shiba Inu (SHIB) has recently shown resilience in the cryptocurrency market, rising 13% over the past week.
This surge has propelled SHIB back into the $0.000018 price range, marking a significant recovery phase amidst broader market improvements. Analysts are now eyeing potential further gains for the dog-themed token, citing bullish signals from Elliott Wave Theory.
According to market analyst Michael and crypto analysis platform More Crypto Online, SHIB’s recent price action indicates a transition from corrective waves to impulsive waves. This shift is pivotal as it often heralds a bullish trend, characterized by sustained upward momentum.
$SHIB / $USDT breaks the marked level & we should move into w3 and complete the measurement pic.twitter.com/Fqv5RgPa7x
— BigMike7335 (@Michael_EWpro) July 14, 2024
Michael’s analysis charts SHIB’s progression through Elliott Wave patterns, identifying current corrective phases and projecting a move towards strong impulsive waves. Key price levels, such as $0.00000800 for support and $0.00002300 for resistance, underscore significant zones where trading activity has been concentrated.
Michael’s technical chart also highlights a volume profile reflecting robust trading interest across various price points. Notably, heightened activity between $0.00001000 and $0.00002300 suggests critical levels where market sentiment and buying behavior intersect.
In anticipation of an impulsive wave 3 scenario, Michael sets ambitious price targets for SHIB, notably at $0.00002345 and a more optimistic outlook at $0.00010114, depending upon bullish confirmations from the ongoing Elliott Wave cycle.
Similarly, More Crypto Online echoes the bullish sentiment, detailing SHIB’s potential transition from corrective wave (B) to impulsive wave (C). Their analysis underscores Fibonacci retracement levels as crucial indicators of support, with key levels at $0.0000167, $0.0000131, and $0.0000094 aligning with significant Fibonacci ratios.
The platform identifies an orange support zone where a potential bullish reversal could materialize, depending upon a clear setup in wave C. This technical setup suggests a reversal candle could signify a pivotal turning point for SHIB’s price trajectory.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
