Meme Token Shiba Inu Eyes $0.0001 Milestone; Analyst Predicts June Breach

Shiba Inu (SHIB) has experienced price fluctuations, prompting speculation about the potential to reach $0.0001. Cryptocurrency analyst Micheal_EWPro predicts this could happen by June based on the Elliott Wave Theory, indicating strong price momentum during the third wave of a larger trend. Despite recent setbacks, SHIB remains in focus due to strong community support, exchange listings, and the growth of its Shibarium platform.

Amidst the cryptocurrency realm's incessant volatility, Shiba Inu (SHIB), the meme-inspired token, has embarked upon a tumultuous price trajectory. This erratic movement has captivated the attention of cryptocurrency enthusiasts and analysts alike, sparking fervent speculation regarding the token's capacity to attain the coveted $0.0001 milestone.

Michael_EWPro, a prominent cryptocurrency analyst, has ignited intrigue with his latest prediction, suggesting that SHIB could potentially breach the illustrious $0.0001 threshold by June. This projection stems from his meticulous application of the Elliott Wave Theory, a respected technical analysis methodology that postulates a predictable pattern in price movements.

Through a comprehensive analysis of SHIB's historical price data, Michael_EWPro discerns that the token's movement since the advent of 2022 aligns with the Elliott Wave count. According to this theory, price trends consist of five impulses in the primary direction and three corrective waves in the opposite direction.

Each Elliott Wave comprises smaller impulses exhibiting distinct patterns, ultimately contributing to a larger wave impulse. Applying this framework to SHIB's price action, Michael_EWPro posits that the token has initiated the formation of the third of five major waves since October 2023. These waves are further divided into smaller impulses labeled i, ii, iii, iv, and v.

The third Elliott Wave is typically considered the most significant and powerful wave within a trend, accounting for a substantial portion of the price movement. Michael_EWPro's analysis suggests that this third wave could culminate with SHIB reaching a price slightly above $0.0001 by the first week of June.

However, Michael_EWPro cautions that this optimistic projection is contingent upon several factors. He advises profit-taking at $0.00008854, with a final price target of $0.00010191. He emphasizes that SHIB's bullish momentum could encounter obstacles before these targets are realized.

In recent developments, SHIB has experienced a retracement after reaching a price of $0.00004456. Since the commencement of the current week, the token has primarily fluctuated within a range between $0.000030 and $0.0000275.

Despite these fluctuations, analysts and SHIB advocates maintain a sense of optimism. This sentiment is buoyed by the recent listing of SHIB on a prominent Australian-based crypto exchange. Additionally, Shibarium, Shiba Inu's layer-2 platform, has witnessed a surge in its Total Value Locked (TVL) to a new high of $3.9 million.

At the current juncture, SHIB is trading at $0.00003097, representing a notable 14% appreciation over the past seven days. As SHIB navigates the uncharted waters towards the elusive $0.0001 mark, all eyes remain fixed on its trajectory, eagerly anticipating the twists and turns that lie ahead.