Amid the broad-based ecosystem changes, Shiba Inu has showcased a tendency to soar by up to 200% from the current level
Shiba Inu (SHIB) has witnessed fluctuations that have caused some investors to be concerned about its price performance. Despite this development, the SHIB community is likely about to experience an appreciable boom in value.
Elliot Wave Patterns Signal a Bullish Outlook
Notably, analysts see the current price movement of SHIB maintaining an upward trajectory with the potential for more growth.
This optimism relies on the pattern that SHIB’s price has charted in recent days. The chart has formed an Elliot Wave, which predicts the likelihood of Shiba Inu’s price doubling soon.
As per Capt. Para8olic Toblerone, a crypto analyst on X, says SHIB’s Elliot Wave pattern signals a possible price boom in the coming months. This is because the patterns have formed an ABC wave structure supporting the projection.
$SHIB – #PARA8OLIC chart. pic.twitter.com/LiaSBf8rCK
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) December 8, 2024
The initial Wave A kicked off in the last quarter of 2023 and established the basis for this chart pattern. The second, Wave B, peaked in the early part of the 2024 third quarter when the SHIB price experienced a correction. Wave C is currently ongoing, and this has implications for SHIB.
According to Toblerone’s predictions, Wave C could support SHIB to climb towards $0.00050, representing approximately a 100% uptick from its current value.
As of this writing, SHIB price was trading at $0.00002783, representing a 1.01% drop in the last 24 hours. However, broader cryptocurrency factors are likely to trigger a rebound soon.
Primarily, Bitcoin, the leading digital asset, has reclaimed its price above $100,000. This has stirred positive sentiments in crypto, with most assets joining the uptrend.
On-Chain Analysis Highlights Further Optimism
Besides Bitcoin, other positive actions in the crypto space include whale activity. Shiba Inu’s whales signal a long-term commitment to the token as transfers move from cold wallets.
Generally, when exchange supply registers a significant drop, selling pressure lowers, which is a positive development.
This guarantees price stability and growth. Whales exert a strong influence on market dynamics, and the increase in their holding of SHIB fuels optimism about a stronger market position for SHIB.
Increased SHIB accumulation and reduced sell pressure hint at a bullish price trajectory.
Amid these projections and positive indications, the Shiba Inu community remains active in another crucial area.
They have maintained consistency in sending tokens to dead wallets. The burn rate recently soared by over 4,000% to stabilize prices. This deflationary move can further support SHIB’s quest as it seeks to climb as high as $0.0005.
Additionally, as reported by BGECrypto, Ali Martinez, an on-chain analyst, observed that SHIB formed a bull flag. This suggests it might begin an upward movement after its recent price pullback.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
