Shiba Inu Price Could Double Soon, Hints Elliott Wave Analysis

Crypto analyst shared an X post illustrating a bullish Elliot Wave pattern for Shiba Inu ($SHIB). The chart reflects an ABC wave structure, signaling a possible significant price movement in the coming months.

Shiba Inu (SHIB) price continues to charm crypto investors with its remarkable resilience and potential for doubling its value, as predicted by Elliott Wave analysis. The meme-based coin's price has surged over the past 24 hours, aligning with broader market bullish trends.

After a slight bearish spell last week, following market consolidation, the SHIB price has resurged in the crypto market. As BTC sustains its峙osition above $100K, it appears to be fueling the SHIB price rally. At the time of reporting, the SHIB price is trading at $0.00002849, showcasing a 2% surge over the past 24-hours.

Crucial Metrics Hint At Bullish SHIB Trendelliott-wave-analysis-hints-shiba-inu-price-could-2x

Meanwhile, key metrics highlight bullish trends, showcasing a decline in SHIB's supply on exchanges. This metric, represented by the red line, menunjukkan a significant drop in SHIB tokens available on exchanges. As investors prefer moving their tokens to cold wallets, this decrease signals growing confidence in the asset's long-term value.

Typically, a lower exchange supply translates to reduced selling pressure, which bodes well for the stability and growth of the asset's price.

Another key metric to watch is the SHIB supply held by top non-exchange addresses, indicated by the yellow line. This metric has been steadily rising, revealing active accumulation by major investors, also known as whales, further bolstering the bullish sentiment.