Shiba Inu (SHIB) Price Prediction: SHIB Could Surge by Over 500% Soon, Hitting $0.0001

Elliott Wave analysis from the trader CaptToblerone points to a potential sharp recovery. The analysis suggests SHIB completed a corrective phase around $0.0000055.

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Shiba Inu (SHIB) has become a token with intense price speculation as analysts believe the SHIB price could surge by over 500% soon, potentially hitting $0.0001.

The Bullish Case for SHIB: Elliott Wave & More

Elliott Wave analysis from the trader CaptToblerone points to a potential sharp recovery for the Shiba Inu token. The analysis suggests that SHIB completed a corrective phase (three-three-five) around $0.0000055. It then indicates a five-wave uptrend, with prices rising in a clear sequence. If this pattern plays out, it could help SHIB to rise toward $0.00014, a tenfold increase from current levels.

This aligns with the predictions of other analysts who see SHIB breaking its previous all-time high of $0.00008616. However, SHIB also experienced a recent downturn, which follows an ABC Elliott Wave pattern after rallying to $0.00004567 in March 2024. SHIB is currently trading in Wave B, around $0.00001189.

This suggests that further correction could be in store, with some analysts expecting a dip to $0.0000055 before the predicted surge. Should this correction happen, it could set the stage for the larger uptrend towards the $0.0001 target.

Can Shiba Inu Realistically Reach $0.0001?

A $0.0001 price target for Shiba Inu is not far-fetched. At that level, SHIB would have a market capitalization of roughly $58.9 billion. This is a significant increase from SHIB’s current market cap. However, considering SHIB’s historical price action and recent trends, this price target seems achievable.

Key factors that could support a potential SHIB price rise include its burn rate and activity on Shibarium. A higher burn rate means more tokens are being removed from circulation, which increases the value of the remaining tokens.

Meanwhile, greater expansion and utility for Shibarium could spur user adoption and significantly boost the demand for SHIB. This aligns with the predictions of crypto analysts who anticipate substantial price increases for the meme coin.

Rising Open Interest Signals Bullish Sentiment

Finally, rising open interest signals bullish sentiment for the Shiba Inu token. Recent data shows that SHIB’s open interest is recovering strongly, exceeding $116 million. This indicates that traders are increasingly betting on price increases, some of whom are holding SHIB for the long term.

This rising open interest, combined with the positive funding rates, supports the idea that we could soon see significant price moves for the Shiba Inu token.

News data source: kdj.com

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