Shiba Inu Price Analysis: Analysts Predict New All-Time-High

Shiba Inu (SHIB) price movement has been a subject of great interest, with market analysts predicting a potential surge to a new all-time high.

The market analysts have predicted a substantial price surge despite recent market corrections.

Shiba Inu Price Wave B Correction

Notably, Shiba Inu price has been undergoing extensive fluctuations. Some analysts have linked it to the Elliott Wave theory’s Wave B correction phase.

Wave B, described in the Elliott Wave theory, marks a trading retracement phase where prices temporarily decline until the upward momentum resumes.

An analyst believes it will fall by 54% from to reach $0.0000055 before this correction phase concludes.

Consequently, such a price decrease would position it at an essential point in its development before entering its next phase.

Many analysts view the Wave B correction as a vital element of market cycles which result in rising prices after drop.

Analysts Predict Shiba Inu Could Hit $0.00010

More so, an analyst has also predicted that once Shiba Inu completes the Wave B correction, the cryptocurrency could experience a substantial rally in the next phase, which is known as Wave C.

The completion of Wave B would mark the beginning of an upward movement, with a price target reaching $0.00010.

Furthermore, Shiba Inu historical price records show that a past correction period produced notable growth.

Experts predict Wave C will increase the value beyond all existing all-time peaks. 

The analyst has suggested that this rally could be swift, taking the price well beyond its current levels as the asset completes the bullish trend outlined in the Elliott Wave structure.

Other Analyst Bullish SHIB Price Predictions

Meanwhile, analyst CryptoEllites suggested a potential 17x price surge for Shiba Inu (SHIB), targeting $0.00023 based on the chart pattern.

The chart showed SHIB was in a strong buy zone, with a symmetrical triangle formation indicating consolidation before a breakout.

The analyst believed a big price movement was imminent, with SHIB poised to break out upward.

The strong buy zone was expected to fuel this potential rally, according to the analysis.

Another analyst, Javon Marks, has indicated that Shiba Inu ($SHIB) has shown regular bullish divergence patterns.

The analysis shows that SHIB faces potential upward price movement despite recent downward drifts.

Besides, the analyst added that the divergence has pointed to potential bulls taking control while the price may break above its present trading range.

The analyst expects a rally as the market shows signs of reversal, supported by the divergence pattern observed in the price and momentum indicators.

Further supporting a bullish outlook, recent analysis highlighted Shiba Inu surge in burn rate, with over 20.83 million SHIB tokens removed from circulation, marking a 2061.22% increase. 

The decrease in supply has indicated a possible upward price movement, further supported by bullish technical indicators, which showed a positive MACD and an oversold Stochastic RSI.

Notably, analysts indicated that SHIB prices needed to surpass $0.00001238 to initiate a rally.

Shiba Inu price maintained its downtrend as the market value at $0.00001230 at the time of this writing.