The meme coin Shiba Inu is on the rise again early in 2024 with bullish waves developing.
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So far so good for the upswing in wave three. This is still slow though, despite the frantic burn rate in the community. How high will it go? The crypto media are full of hype. 0.0001, 0.01?
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Shiba has doubled in a week’s time or so, from its wave two bottom. Clearly it’s meme time with other projects on the move as well. The coin has erased one decimal zero, and should be expected to double again soon.
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Today’s advance stopped exactly on the 1.618 level, as the chart shows. This is normally the expected size of a third wave of an impulse. But with momentum for these coins right now, I think I expect a push to 2.618 in coming days. Run doggie, run.
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2024-03-12 For past week or so, the market top has evolved into a major and complex correction pattern. In lieu of a deep retracement, we see a sideways correction in which time has seemingly expanded. Thus, I can recognize an Elliott combination wave, WXY, consisting of a a sharp component, and a triangle, as shown in this chart.
It remains to be seen whether this is what the market has in mind. Confirmation would come from an energetic impulse in wave three upward.
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Triggered by another upswing in bitcoin, SHIBUSD has finally broken out of this triangle.
It backtested the upper trend line, and appears on the move.
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The correction of SHIB was long and complex, but it appears it is just about to be over. The price is still held back pending a very tight completion of the e-wave of a triangle. The price should break out any time now, just like WIF already has done.
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The breakout has now occurred, but it has yet to excel past the recent high. To be honest I am still undecided as to the correct, or most likely wave count within the whole correction. I will come up with some explanation before this explodes, if that is what is going to happen. There is a lot of hype about Shiba Inu, along with the other tokens of its ecosystem. Shib transaction volume is sky high. Will this express itself in the vast price predictions being floated? If so, everyone ought to be a millionaire soon.