Shiba Inu Price Targets $0.0001 as Elliott Wave Pattern Signals Breakout Potential

Shiba Inu price has been trading sideways in recent weeks. However, a new Elliott Wave analysis shows that the coin could rally by 700% if current technical conditions hold. Traders remain cautious due to ongoing macroeconomic uncertainty and low meme coin trading volumes. Despite this, technical patterns suggest that a breakout may be forming.

Elliott Wave Analysis Suggests Shiba Inu Bottom Is In

Technical analyst CaptToblerone used the Elliott Wave theory to assess the SHIB price movement. According to the trader, the price may have completed a corrective wave near $0.0000055. This marks a potential bottom that could lead to a bullish recovery.

The Elliott Wave model predicts that SHIB could now enter a five-wave upward pattern. This would push the price to higher levels gradually. CaptToblerone stated that a move to $0.00014 is possible if the structure holds. This price would represent a gain of over 1,000% from current levels.

Shiba Inu Price ChartHe added, “Shiba Inu has respected the Elliott Wave setup in past cycles. This pattern may play out again.”

Can SHIB Realistically Hit $0.0001?

At $0.0001, Shiba Inu price would have a market capitalization of $58.9 billion. This is within reach based on historical data. In October 2021, the coin traded at $0.000088, just below the $0.0001 mark.

Source: CoinMarketCapBurning tokens is another factor supporting the bullish forecast. SHIB’s burn rate has risen steadily, removing tokens from circulation. This helps reduce supply and may support higher prices.

Furthermore, activity on the Shibarium network is growing. This Layer 2 blockchain could boost demand for SHIB. With faster transactions and lower fees, Shibarium may drive adoption among users and developers.

SHIB Open Interest Signals Bullish Sentiment

According to Coinglass data, SHIB open interest hit a low of $89 million last week. It has since risen to $116 million. Attendees are starting new position trades because they forecast price movement.

hiba Inu Open InterestThe rates that traders use to fund their positions remain in a positive state. A majority of traders believe that prices will rise instead of falling based on their market activities. When positive funding rates accompany increasing open interest levels it suggests an increasing market bullishness among traders.

According to Elliott Wave analysis, this change in market behavior might take place. The market reveals higher chances for a price upswing when traders establish their positions with long purchases.

Market Outlook for Shiba Inu Price

According to Elliott Wave analysis, there exists a resistance zone at $0.00001 for SHIB. Climbing above this price point should draw new investors to enter the market and boost price trends.

Traders must exercise caution because meme coins demonstrate high market volatility. The price moves rapidly depending on how investors react, as well as when new market information emerges.

Strong market backing will be needed to reach this theoretical price target of $0.0001. The success of the Shiba Inu token depends on three key aspects: platform enhancements, alongside token burning methods, and sustained user engagement.

Shiba Inu will make its next move based on its ability to sustain above the current support areas. Technical signal analysis, together with volume data analysis and analysis of macroeconomic factors, needs regular attention.