Elliott Wave analysis predicts that Shiba Inu prices may double

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Shiba Inu is a popular meme coin that has surged in price over the past 24 hours, reflecting a broader bullish trend in the market. The cryptocurrency market has shown strong momentum in the past month, attracting significant attention from investors. Shiba Inu maintains a strong upward trend, indicating potential for further growth. Elliott Wave analysis predicts that the value of SHIB may soon double.

Elliott Wave analysis suggests that Shiba Inu prices may rise by 2 times.

Cryptocurrency analysts shared a post on X showcasing the bullish Elliott Wave pattern for Shiba Inu ($SHIB). The chart reflects the ABC wave structure, indicating potential significant price fluctuations in the coming months.

Wave A began at the end of Q4 2023, laying the foundation for this pattern. Wave B ends in early Q3 2024, marking the correction phase. According to analysts' predictions, Wave C could push SHIB's price to $0.00050, representing an approximate 100% increase from its current value.

In the past week, after a market consolidation, this meme-based token has shown a slight downtrend. However, SHIB prices have recently rebounded in the cryptocurrency market, with BTC hovering above $100,000, driving this increase. As of the report time, SHIB's price stands at $0.00002849, having risen by 2% in the past 24 hours.

As whales accumulate, SHIB's supply on exchanges has significantly decreased.

With key indicators showing a bullish trend, whale activity surrounding SHIB has become a focal point. The supply of SHIB on exchanges (indicated by the red line) has significantly decreased. This decline suggests that investors are moving their tokens to cold wallets, indicating growing confidence in the long-term value of this asset.

A decrease in exchange supply usually leads to reduced selling pressure, which is a positive development for price stability and growth.

The yellow line shows a steady increase in the SHIB supply held by top non-exchange addresses. This indicates that major investors or whales are actively accumulating, further enhancing the bullish sentiment.