Shiba Inu price has been relatively stagnant over the past month, with meme coin traders remaining cautious due to uncertainty caused by tariffs and the trade war. However, a top trader has used Elliott Wave analysis to predict a bullish outlook for SHIB, suggesting a potential 700% rally to $0.0001. This analysis indicates that Shiba Inu may be on the verge of a major upside move, with the possibility of reaching new highs.
The Elliott Wave analysis by analyst CaptToblerone suggests that Shiba Inu may have completed a corrective phase near the $0.0000055 price level, indicating that the meme coin may have bottomed out and is now primed for an upward recovery. The analysis points to a potential five-wave recovery pattern that could push the price up to $0.00014, more than ten times its current value. CaptToblerone also highlighted that SHIB has followed the Elliott Wave pattern in the past, supporting the likelihood of a rally to $0.00014.
Despite the ambitious price target of $0.0001, it is considered realistic for Shiba Inu based on market capitalization projections. If SHIB reaches this price, it would have a market cap of $58.9 billion, which is within reach considering the meme coin’s previous highs. Moreover, bullish catalysts such as the burn rate of SHIB tokens and increased activity on the Shibarium layer 2 network could support a price rally to $0.0001.
The rebound in Shiba Inu open interest signals renewed interest from traders, as they open new positions on the meme coin in anticipation of a potential price move. The open interest has recovered significantly from a recent low and continues to rise along with positive funding rates, indicating bullish sentiment in the market. With traders betting on a price increase, the rising open interest supports the bullish outlook for Shiba Inu, potentially leading to a surge to $0.0001.
In conclusion, the Elliott Wave analysis and market indicators suggest that Shiba Inu price may be gearing up for a significant rally to $0.0001. While this target may seem ambitious, it is within the realm of possibility based on previous market performance and potential catalysts. With an optimistic market sentiment, driven by rising open interest and positive funding rates, Shiba Inu could be on track for a notable price increase in the near future. Investors and traders should keep a close eye on SHIB’s price action as it navigates towards new highs.
