Shiba Inu, the popular meme coin, may be in for a rally that could push its value to new heights, according to a renowned chartist. Despite lagging behind other meme coins in recent days, Shiba Inu has seen a steady increase in price, climbing 35% from its low earlier this month. Technical indicators and upward momentum suggest that Shiba Inu is poised for a rally.
The chartist, known as “ETF,” shared an Elliott Wave analysis that points towards a potential new all-time high for Shiba Inu. The analysis highlights different waves within the Elliott Wave structure, with one wave indicating a sharp upward trend that took Shiba Inu to its high of $0.000045 in March. After a corrective phase, the chartist predicts a new wave, “wave 3,” that will be even stronger and longer than the first. This wave could not only see Shiba Inu reclaim its 2021 all-time high but also enter a new price recovery phase in the $0.0001 range.
While this analysis suggests exciting possibilities for Shiba Inu, the chartist advises caution and waiting for confirmation before getting too carried away. So, Shiba Inu enthusiasts should buckle up and prepare for a potential wave three ride, but should also remain vigilant and wait for further validation.