Shiba Inu Price Eyes $0.00010 Breakout as “Shib Is For Everyone” Hype Builds

Key Insights:

• Elliott Wave analysis foretells that Shiba Inu will rise by 741% to exceed $0.00010.
• SHIB may drop to $0.0000055 before rebounding sharply toward a new all-time high above $0.00010.
• “Shib Is For Everyone” post sparks debate following the Base token trend.

Shiba Inu (SHIB) meme coin is gaining renewed attention following a combination of technical projections and social media activity. A market analyst suggests SHIB could experience a breakout to $0.00010, a 741% rally from current levels.

The potential upswing is framed within an Elliott Wave structure, with the coin now possibly completing a corrective phase before entering a new bullish wave. At the same time, a recent social media post —“Shib Is For Everyone”—has captured community engagement.

Elliott Wave Structure Suggests a Strong Bullish Setup

According to a recent update from market analyst “CAPT. PARABOLIC TOBLERONE,” SHIB is currently in a corrective phase defined as Wave B in the Elliott Wave framework. The analysis identifies SHIB trading within an ascending channel that dates back to its inception. The asset previously reached the upper boundary of this channel in October 2021, when it recorded its all-time high of $0.00008854.

However, multiple rebounds and pullbacks have affected the price movement of SHIB since its inception. The most recent meme coin rally took place in March 2024 that pushed its price to $0.00004567.

From this point, the Elliott Wave pattern suggests Shiba inu price entered Wave B, currently hovering near $0.00001189. The forecast proposes a potential decline to $0.0000055 before the bullish Wave C begins.

The predicted Wave C would represent a major shift in market direction, with price projections showing a climb past previous resistance levels. The chart accompanying the analysis places the final target above $0.00010. This meme coin price target aligns with the channel’s upper boundary and points to a possible 741% increase from current price.

Shiba Inu Price Drop to $0.0000055 Before Rebound?

Notably, the analyst’s projection identifies $0.0000055 as a potential bottom for SHIB’s ongoing correction. This level would mark a 54% decline from its current trading value. According to the Elliott Wave structure, such a decline is consistent with the completion of Wave B, after which a strong recovery may follow.

Following this potential low, the token is expected to retest higher levels, including a return to its March 2024 high. This would serve as a stepping stone for a possible breakout beyond the $0.00010 level. The anticipated price structure includes a temporary pullback after the retest before continuation into Wave C, signaling a full bullish reversal.

Other market analysts also support similar forecasts, pointing to bullish on-chain metrics and strong community sentiment. Many believe that the recent SHIB token burns, coupled with sustained support levels, are reinforcing upward momentum.

A recent report noted that if SHIB can close above the $0.0000117 resistance, a rally toward $0.00023 could be within reach.

“Shib Is For Everyone” Post Follows Base Network Trend

Additionally, on April 18, the official Shiba Inu team shared a post on X (formerly Twitter) stating, “Shib is for everyone.” The statement echoed the recent narrative created by Coinbase’s Layer 2 network, Base, which previously posted, “Base is for everyone.” Shortly after, Base shared a second post reading, “Just coin it,” which linked to the content minting platform Zora.

These posts sparked the creation of a new Base-themed token that briefly reached a market cap of $20 million before losing over 40% of its value. Following the trend, the Shiba Inu team also shared a second post that read “Coined it,” referencing Zora.

While no official token linked to these posts has been launched, the engagement has led to a moderate increase in SHIB trading activity.

Siba Inu Price Sees Modest Uptick Amid Increased Attention

Shiba inu price rose 1.5% after the “Shib is for everyone” post, moving from $0.00001164 to $0.00001200 intraday. Though smaller than Base’s market reaction, the post drove more attention to SHIB amid rising interest in meme coins.

Another analyst noted SHIB’s resilience, pointing to repeated retests of key resistance as a sign of accumulation. Sentiment remains bullish despite a decline in active network addresses.

A recent forecast said a breakout above $0.00001240 could attract fresh buyers and drive a stronger upward trend.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.