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Highlights
- Shiba Inu price eyes a massive rally as the Elliott wave analysis hints towards an uptrend.
- The analysis indicates that this meme coin could surge to as high as $0.00014 in the coming months.
- The surging open interest suggests traders are opening positions as they anticipate a major move.
Shiba Inu price may be on the verge of a massive rally, after an analyst identified a bullish formation using an Elliott wave pattern. This pattern hints that the meme coin may surge to as high as $0.0001. In this article, we explore whether this SHIB target is attainable.
What Elliot Wave Analysis Says About Shiba Inu Price
Analyst CaptToblerone used the Elliott Wave analysis to forecast that the Shiba Inu price was on the verge of a major upside move. The meme coin may have completed the corrective phase near the $0.0000055 price level, suggesting that SHIB may have bottomed and it is now prime for an upward recover.
The analyst noted that Shiba Inu is now prime for five waves of recovery, where the price will climb slowly, with a series of higher highs. If the pattern plays out, Shiba Inu price could rally to as high as $0.00014, which is more than ten times its current price.
CaptToblerone added that the SHIB price had followed the Elliott Wave pattern in the past, suggesting that the rally to $0.00014 will likely happen.
Is $0.0001 a Realistic Target for SHIB Price?
$0.0001 is a realistic target for the Shiba Inu price. At this price, this top meme coin would have a market capitalization of $58.9 billion, which is also a realistic target.
SHIB has been close to attaining this price target in the past. This is because the meme coin’s all-time high stands at $0.000088, attained in 2021. Moreover, several bullish catalysts could make this price rally possible.
One of these catalysts is the SHIB burn rate. If the burn rate can skyrocket, it will remove a significant amount of tokens from the circulating supply. This will help drive the price rally. Additionally, increased activity on the Shibarium layer 2 network will be a catalyst for a positive Shiba Inu price prediction.
Shiba Inu Open Interest Rebounds
The SHIB open interest has rebounded significantly since hitting a record low of $89M last week. At press time, this metric stood at $116M, suggesting that traders are opening new positions on the meme coin, as they bet on a major price move.
The open interest is rising when the funding rates are positive according to data from Coinglass. This indicates that many traders have opened long positions on Shiba Inu. As more traders bet that the price is going to increase, it highlights a bullish market sentiment.
Therefore, if Shiba Inu follows the path laid out in the Elliott Wave analysis, it is likely that the price will surge to $0.00001. This is a realistic target for SHIB as it will give the meme coin a $58 billion market. The rising open interest also supports this bullish outlook.
Frequently Asked Questions (FAQs)
1. What does the Elliott wave analysis show about the Shiba Inu price?
2. Is $0.0001 a realistic target for SHIB?
3. Is the rising open interest good for SHIB?
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