Shiba Inu, the popular cryptocurrency, is poised for a significant surge according to a technical analyst known as “Charting Guy.” He believes that Shiba Inu is following the price patterns of Dogecoin and could experience a breakout in the near future. While Charting Guy initially mentioned altcoins like Dogecoin, XRP, and FET as potential candidates for a 10-fold return, a concerned Shiba Inu enthusiast asked why SHIB was overlooked. In response, the analyst highlighted the promising outlook for Shiba Inu and provided technical evidence to support his bullish sentiment.
Charting Guy pointed out that SHIB recently faced rejection at the “golden pocket,” a significant Fibonacci retracement level that often acts as a resistance zone. However, the analyst noted that SHIB has found strong support at the 0.236 Fibonacci level, suggesting that the price may have stabilized and could resume its upward trajectory.
Moreover, the analyst observed that SHIB’s current movement aligns with the classic wave 1 and 2 formation from Elliott Wave Theory, which represents alternating bullish and corrective phases. This sets the stage for wave 3, which historically tends to be the most powerful. If wave 3 plays out as predicted, Shiba Inu could surpass its all-time high (ATH) of $0.00008845, which would require a growth of over 556%.
Charting Guy believes that not only Shiba Inu but many other altcoins are showing similar patterns, indicating an explosive bullish wave that could lead to new ATHs for multiple cryptocurrencies. With this analysis in mind, Shiba Inu investors may have reason to be optimistic about the future performance of their holdings.