Shiba InuIt reinforced the “optimistic” outlook by rising by 372% from its level of $ 0.00000967 on February 26 to $ 0.00004567, which was the highest of the year on March 5. This has revived discussions among market participants around the elusive yet highly anticipated target of $0.0001.
As we reported as Koinfinans.com, Lucie’s presentation based on historical data, SHIBHe suggested that it could rise to $0.000012 within a week. On the other hand, lead developer Shytoshi Kusama interpreted this estimate as a low evaluation. Oscar Ramos drew attention by expressing his belief that it is 100% possible for SHIB to reach the level of $0.0001.
The Shiba Inu needed just 118% to reach $0.0001 from $0.00004567 on March 5, meaning it was heading towards this price level during the last price increase. However, the subsequent correction showed SHIB giving up on this top and falling below major support levels.
Analysts offering a technical perspective by expressing confidence in the Shiba Inu’s potential to reach $0.0001 come at a time when the community expects these predictions to decrease.
According to recent analysis, Shiba Inu has followed a five-wave structure after falling to $0.00000671 since October 2023. The asset completed the first wave in December 2023 when it hit $0.00001195, and experienced a pullback of $0.00000879 in January 2024 for the second wave.
Chart data shows that the third Elliott Wave took the Shiba Inu to a peak of $0.00004567 earlier this month. However, the fourth wave started a correction that Michael believes should end soon.
The completion of the fourth wave will mark the end of this pullback and SHIB will begin to recover as it begins the fifth wave. The crypto analyst predicts that Shiba Inu could rise as high as $0.00010191 after completing the fifth wave.
Specifically, to reach this level, the Shiba Inu would need to rise 231% from its current price. The token is already making a recovery move, with an increase of 7.14% today. SHIB has now regained $0.00003 and is trading at $0.00003077 as of press time.
Source : The Crypto Basic