Key objectives that SHIB investors should consider
This Shiba Inu price prediction uses the daily chart to estimate its future target. This chart shows that the coin formed an almost perfect inverse head and shoulders pattern between March and May. The head section was located at $0.000010, while the shoulders were at $0.00001150. SHIB is now attempting to break the neckline at $0.00001565. It has already surpassed the 50-day moving average (WMA) and is about to break the 200-day WMA level.
Shiba Inu is also in the second phase of the Elliott Wave pattern and is about to initiate the third, which could drive it up to the 50% retracement point at $0.0000221. Subsequently, it will retest the 61.8% retracement at $0.00001945, and finally, it will begin the final leg of the impulse wave.
The most likely scenario is that the price of SHIB will eventually rise to the December high of $0.000033, a 115% increase from the current level.
A drop below the support at $0.000012 would invalidate the bullish forecast for SHIB and point to a decline to the year-to-date low of $0.00001080.