Analyst Believes Wave 3 Could Push Shiba Inu (SHIB) to a New All-Time High

Charting Guy, a popular analyst on X, believes Shiba Inu (SHIB) is poised for a major breakout. According to this expert, $SHIB could reach a new all-time high soon. 

This prediction is based on Elliott Wave theory, a popular technical analysis tool. Can this theory influence $SHIB? What other data points support this prediction?

Understanding Elliott Wave Theory and H w It Impacts $SHIB

Elliott Wave theory is used to forecast market trends by identifying repeating patterns in price charts. According to this theory, markets move in impulse waves and corrective waves. 

These waves often reflect fractal patterns, similar to those found in nature. For SHIB, the focus is on the upcoming third Elliott Wave. 

This wave is expected to drive SHIB's price higher. Charting Guy predicts that this could push $SHIB beyond its previous all-time high of $0.00008616. 

Both $SHIB and Dogecoin (DOGE) are entering this crucial third wave phase, having retraced much of their earlier gains. The analyst suggests that this wave could be especially powerful for both tokens.

On-Chain Metrics and Market Conditions

To support this prediction, Charting Guy uses the Fibonacci retracement tool. This tool identifies key levels of support and resistance. 

The tool shows strong support at the 23.6% retracement level for Shiba Inu. This suggests SHIB has solidified support around $0.000013.

To set a new high, $SHIB must overcome resistance between $0.00001777 and $0.00001900. This range may pose a challenge before any further upward movement. 

While the Elliott Wave theory offers a bullish outlook for SHIB, other factors must align for this to happen. That said, investors should watch both technical patterns and market trends.