The Shiba Inu price shows signs of bullishness, with an analyst projecting a target of $0.00006 for the popular meme coin. The analyst has also disclosed that Shiba Inu is showcasing a low invalidation level, which serves as a boundary for potential price dips.
Shiba Inu Price On A Path To $0.00006
The Shiba Inu price has been trailing behind Dogecoin for the past few weeks, experiencing significant gains that have pushed its value past the $0.000025 mark. A recent analysis of Shiba Inu’s price movements using chart patterns and technical waves suggests that the meme coin could be gearing up for a major uptrend.
Crypto analyst Behdark on TradingView has identified a triangle formation on the Shiba Inu price chart, highlighting that the meme coin is now in “Wave E.” Based on Behdark’s analysis, this Wave E appears to be the final stage of the triangle pattern, and is set to trigger a price breakout to the $0.00006 level.
The analyst highlighted several waves from A to E in his price chart. The first wave began around April 2024, followed by the second wave in June and the third wave in August. Interestingly, Wave C was identified during a major market correction, during which the Shiba Inu price experieced notable declines. By the fourth wave, Shiba Inu was out of its correction phase and rallying significantly.
Now set to conclude Wave E, Behdark reveals that if Shiba Inu can hit the green range highlighted in the chart, the cryptocurrency is expected to experience a huge pump to $0.00006. The analyst has also noted that if Shiba Inu closes a daily candle below the invalidation level at $0.00001774, it would violate his bullish analysis. This means that the triangle pattern in the Shiba Inu chart will no longer be valid, and its price might drop even lower.
Behdark has advised investors to adopt a more cautious approach by prioritizing risk management strategies such as using stop-loss orders and practicing efficient capital management. He recommends that once Shiba Inu hits its first target, investors should consider selling some SHIB tokens to secure profits.
Analyst Says SHIB Is Targeting March Price Highs
The price of Shiba Inu is currently trading at $0.000025 after experiencing a 32.1% increase over the past month. Due to the recent bullish changes and price movements of the meme coin, crypto analyst, Mihir has predicted on X (formerly Twitter) that Shiba Inu is currently on the verge of hitting its March 2024 top.
The analyst has highlighted a target at $0.000038, triggered by the formation of a falling wedge pattern in the Shiba Inu price chart. Achieving this bullish target will require Shiba Inu to rally by approximately 52%.
