In a week dominated by a resurgence in the cryptocurrency market, Bitcoin’s upward trajectory has paved the way for significant gains across various digital assets, including Shiba Inu (SHIB). Despite pulling back slightly midweek, over the past seven days, SHIB, the second-largest meme token, has surged approximately 7.18%, signaling renewed investor confidence and setting the stage for potential further gains.
Notably, popular analyst “Bigmike7335” recently shared a bullish outlook on SHIB. Citing the Elliott Wave pattern, the pundit predicted an imminent surge, suggesting that SHIB could potentially reach $0.0010114, marking a surge of approximately 460% from its current price, as it enters what he termed as the third wave of its upward cycle. The analyst also highlighted a flag pattern in SHIB’s 3-day chart, indicating a possible breakout above the upper trendline, which could further fuel its ascent.
Elsewhere, another analyst, “Ekofintek,” concurred with the pundits’ analysis, similarly presenting a bullish outlook based on the Elliott Wave theory. According to Ekofintek, SHIB appears poised for a surge to $0.00002 after rebounding from the lower boundary of an upward range pattern, clearly visible on the monthly chart.
Echoing this sentiment, analyst Javon Marks provided a detailed analysis on Tuesday, noting that SHIB had already shown a remarkable +400% move from recent lows to $0.00004559 earlier this year. Marks suggested that if SHIB maintains its current breakout momentum and repeats the same move, it could surge an additional +351%, targeting the $0.0000886 level, which represents its all-time high.
“Since an original analysis (FEB), Shiba showed massive progress after breaking out of a similar pattern as the previous bull run, making a roughly +400% move from $0.000009079 to $0.00004559 areas, and there can be more coming as this breakout holds, as well as a recently confirmed bull pattern.” He stated.
The pundit further emphasized a confirmed hidden bullish divergence between prices and the RSI (Relative Strength Index), reinforcing the bullish sentiment for SHIB’s continued uptrend.
At press time, SHIB was trading at $0.00001715, reflecting a drop of 8.62% over the past 24 hours. Despite the sharp pullback witnessed in the past 24 hours, experts believe this is a normal recoil as traders book profits following the recent rebound. They emphasize that SHIB is currently approaching a crucial resistance zone around $0.00002. A decisive break above this level could serve as a catalyst for a momentous surge, potentially validating the predictions put forth by the said analysts.
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