Renowned analyst Michael predicts a price rise for Shiba Inu based on Elliott Wave analysis, signaling a potential breakout for the coin.

Elliott Wave Price Analysis

According to Michael, Shiba Inu's price is unfolding in a five-wave impulse pattern, signaling potential for further growth. Wave 1 culminated on August 24 at $0.000016117, followed by the corrective Wave 2, ending on September 4 at $0.00001246. Currently, Wave 3 has begun, which, according to Elliott Wave Theory, is expected to be the most powerful and longest, potentially reaching $0.0002479 or higher.

SHIB's Improving Market Prospects

Michael also highlights key technical levels that could influence SHIB's price. A resistance level at $0.00003747 coincides with the Fibonacci 0.618 region, potentially boosting SHIB's ascent. IntoTheBlock's data shows strong support in the $0.000014-$0.000018 range, with 120,930 addresses holding 550 trillion SHIB.

Technical Indicators Support Growth

RSI is mid-range, indicating sufficient room for price appreciation before entering overbought territory. MACD indicator is showing bullish momentum with a crossover. At the time of publication, Shiba Inu trades at $0.00001732, requiring a 1261.5% increase to reach the target of $0.0002479.

Michael notes that technical indicators suggest potential growth for Shiba Inu, backed by strong market levels and signal areas. However, readers are reminded that investing in cryptocurrencies carries risks.