Shiba Inu (SHIB) fell below $0.00003 again after testing price levels for over 48 hours. Still, the cryptocurrency has largely shown signs of resilience from the bulls after a strong price surge in early March, prompting analysts to stick with the bullish outlook.
According to Xanrox cryptocurrency analysts, Shiba Inu’s price level is about to reach $0.0008. Interestingly, the analyst bases his forecasts on a series of Elliott Waves, allowing him to identify potential price support and resistance areas over the long term.
Shiba Inu has started to consolidate at this point and dropped to $0.00002763. However, according to Xanrox, the integration provides a great opportunity to load SHIBs. His entry point was at $0.0000225, which coincides with the 0.618 Fibonacci retracement level.
Xanrox also noted that SHIB’s price action will form a flag pattern, which is a perfect indicator of a bullish breakout. In fact, the price of the cryptocurrency has nicely completed a flag formation. 👉qun+v:tq58956🧧However, Xanrox noted in a recent update that while a falling wedge pattern has formed, it would be wise to wait for another Elliott Wave to form to the downside to ensure the pattern is complete.
Most notably using Elliott Waves to support his bullish predictions and chart price action in the coming months following a continuation of the uptrend. Xanrox used his knowledge of Elliott Wave Theory to identify $0.0008 as a potential price point at the end of the fifth impulsive wave. Interestingly, this means his sweet spot increased by 317%.
SHIB April outlook, Xanrox noted that SHIB has only one major resistance on its way up, which is around the current all-time high of $0.000086. However, the cryptocurrency has now established strong resistance at the $0.00003 price point, which remains to be overcome.
Another analyst said the Shiba Inu could break through this price level and reach $0.000058 in April this year. To make this a reality, SHIB bulls and enthusiasts need to increase their accumulations. As of this writing, SHIB is trading at $0.00002897, down 5.8% in the past 24 hours.
