Shiba Inu's Bullish Prospects Undeterred by Price Dip

After testing the $0.00003 price level for over 48 hours, Shiba Inu (SHIB) has once again dipped below it. Despite this, the cryptocurrency has mostly shown resilience from bullish sentiment following its strong price increase in early March, driving analysts to maintain a positive outlook. Analyst Xanrox believes Shiba Inu is on its way to the $0.0008 price level based on Elliot Waves, which enable him to predict possible price support and resistance zones over the long term.

Shiba Inu's Resilience Propels Bullish Forecasts Amidst Price Dip

Amidst a recent price dip below $0.00003, Shiba Inu (SHIB) remains resilient, buoyed by a surge in early March that has analysts predicting a significant price upswing.

Prominent crypto analyst Xanrox, known for his Elliot Wave analysis, projects a surge to $0.0008 for SHIB, citing potential price support and resistance zones. This prediction aligns with a growing chorus of analysts forecasting a bullish continuation for the popular meme coin.

Historical Analysis and Future Projections

Xanrox's SHIB analysis, titled "Buy here, do not miss next pump," scrutinizes price action from March 17. The analyst identified SHIB's consolidation and dip to $0.00002763 as a buying opportunity, coinciding with the 0.618 Fibonacci retracement level.

Xanrox further anticipates a flag pattern formation, indicating a bullish breakout. While a falling wedge pattern has since developed, he advises patience until a complete Elliott Wave formation to confirm its validity.

Applying Elliot Wave Theory, Xanrox pinpoints $0.0008 as a potential price target for the conclusion of the fifth impulse wave, representing a potential 317% surge from the optimal entry point.

April Outlook and Resistance Levels

Xanrox highlights SHIB's lone major resistance at $0.000086, its previous all-time high. However, a strong resistance has emerged at $0.00003, which must be overcome for further gains.

Another analyst suggests that SHIB could break out of $0.00003 and reach $0.000058 in April. Such a scenario requires increased accumulation from SHIB enthusiasts and investors.

Current Market Performance

At the time of writing, SHIB is trading at $0.00002873, a 5.8% decline over the past 24 hours. Despite the dip, analysts remain optimistic, citing the coin's resilience and potential for a strong recovery.