Crypto analyst Capt Toblerone recently provided insights into the Shiba Inu (SHIB) future trajectory using the Elliot Wave Theory. This suggested that the meme coin’s recent price correction was simply part of a bigger picture, with the analyst predicting the meme coin will hit a new all-time high (ATH) on its next leg up.
SHIB’s Price Is Headed Towards $0.00022
Capt Toblerone shared a Shiba Inu chart on his X (formerly Twitter) platform, which showed that Shiba Inu will rise to as high as $0.00022000 when Wave 3 of the five-way sequence takes place. The chart shows that Wave 2 of the sequence was currently taking place, with SHIB witnessing a corrective move.
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A rise to $0.00022000 would create a new all-time high (ATH) for the second-largest meme coin by market cap, with its current ATH at $0.00008845. Capt Toblerone’s analysis also showed that Shiba Inu could hit this new ATH by September this year. Interstingly, Shiba Inu’s price isn’t expected to peak there, as the chart also showed that the meme coin could hit another ATH when Wave 5, which is also a bullish move, takes place later on.
In the meantime, SHIB is facing corrective Wave 2, with the meme coin declining by over 7% in the last 24 hours. This follows its recent impressive price rally when it gained over 15% and even flipped Cardano to become the tenth-largest crypto token by market cap.
Although Shiba Inu has once again dropped out of the top 10 rankings with its recent price decline, the meme coin could easily break into it again if it eventually rises to $0.00022, as Capt Toblerone predicts. Shiba Inu undoubtedly has the bullish momentum to enjoy such price gain since this bull run is expected to be a meme supercycle.
Bitcoin Analyst Is Also Bullish On Shiba Inu
Crypto analyst and early Bitcoin investor Jeremie Davinci recently reaffirmed his bullish sentiment toward Shiba Inu. He mentioned in an X post that the meme coin will break out and rise to as high as $0.00006000 when this downward trend is over. He further revealed that he will be looking to accumulate more SHIBas he sees an opportunity to make money.
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Crypto analyst Oscar Ramos also recently mentioned that SHIB is set to run to its current ATH and “beyond.” He added that the meme coin is ready to shed another zero and rise to $0.0001. The crypto analyst had previously highlighted this price level as his target for Shiba Inu in this bull run.
At the time of writing, Shiba Inu is trading at around $0.00002604, down in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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