- SHIB shows resilience with a 13% weekly gain, targeting higher price levels amid Elliott Wave bullish signals.
- Analysts expect SHIB to transition to impulsive waves, eyeing ambitious price targets above $0.0001.
- Fibonacci retracement zones highlight critical support for potential bullish reversals in SHIB.
Shiba Inu (SHIB) has recently shown resilience in the cryptocurrency market, rising 13% over the past week.
This surge has propelled SHIB back into the $0.000018 price range , marking a significant recovery phase amidst broader market improvements. Analysts are now eyeing potential further gains for the dog-themed token, citing bullish signals from Elliott Wave Theory.
According to market analyst Michael and crypto analysis platform More Crypto Online, SHIB’s recent price action indicates a transition from corrective waves to impulsive waves. This shift is pivotal as it often heralds a bullish trend, characterized by sustained upward momentum.
Michael’s analysis charts SHIB’s progression through Elliott Wave patterns, identifying current corrective phases and projecting a move towards strong impulsive waves. Key price levels, such as $0.00000800 for support and $0.00002300 for resistance, underscore significant zones where trading activity has been concentrated.
Michael’s technical chart also highlights a volume profile reflecting robust trading interest across various price points. Notably, heightened activity between $0.00001000 and $0.00002300 suggests critical levels where market sentiment and buying behavior intersect.
In anticipation of an impulsive wave 3 scenario, Michael sets ambitious price targets for SHIB, notably at $0.00002345 and a more optimistic outlook at $0.00010114, depending upon bullish confirmations from the ongoing Elliott Wave cycle.
Similarly, More Crypto Online echoes the bullish sentiment , detailing SHIB’s potential transition from corrective wave (B) to impulsive wave (C). Their analysis underscores Fibonacci retracement levels as crucial indicators of support, with key levels at $0.0000167, $0.0000131, and $0.0000094 aligning with significant Fibonacci ratios.
The platform identifies an orange support zone where a potential bullish reversal could materialize, depending upon a clear setup in wave C. This technical setup suggests a reversal candle could signify a pivotal turning point for SHIB’s price trajectory.
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