A prominent chartist predicts Shiba Inu is on the verge of a rally that could propel its value beyond its ATH to within the $0.0001 range.

Shiba Inu notably lags behind the bullish frenzy that rocked the meme coin market in the past few days. At press time, SHIB trades at $0.00001769 with no gain in the last 24 hours but posts a 2.5% loss in weekly performance.

However, Shiba Inu’s closest rivals, such as Dogecoin, PEPE, and Dogwifhat (WIF), wield staggering weekly performances. For instance, WIF has been up by over 47% since last week, PEPE boasts a 24% gain, and Dogecoin sees a 14% return.

Despite its recent sluggishness, Shiba Inu’s current price still represents a significant 35% increase from its early-month low of $0.00001294. This upward momentum and various technical indicators have boosted analysts’ confidence that Shiba Inu is poised for a rally, potentially driving its price to new heights.

Shiba Inu “Howling at the Moon”

A prominent chartist and Binance KOL, known by the pseudonym “ETF,” has recently shared a post on X that suggests Shiba Inu may be preparing for a new all-time high rally. According to the analyst, Shiba Inu is “howling at the moon” and eyeing a new high based on an Elliott Wave analysis.

Shib howls at the moon, eyeing a new high on the Elliott Wave! Buckle up for a potential wave 3 ride, but keep your eyes peeled for confirmation.#Shib #Binance pic.twitter.com/V98utBdT9f

— ETF (@_E_T_F_) July 20, 2024

Elliott Wave Taking SHIB towards $0.0001

The tweet included an image of an Elliott Wave analysis of Shiba Inu’s all-time performance. It highlighted various wave labels that indicate different waves within the Elliott Wave structure, including corrective waves and complex wave patterns.

One of the waves depicted Shiba Inu’s most recent violent trend to the upside, where it hit a three-year high of $0.000045 in March, following a prolonged downtrend phase.

This uptrend was followed by a corrective phase, during which SHIB crashed to $0.00001294 in July. Notably, this crash marked a 71% decline from the recently reclaimed multi-year high of $0.000045.

Now, the analyst expects a new wave to emerge, dubbed “wave 3,” which is predicted to be longer and stronger than the first. This wave is expected to propel Shiba Inu not only to reclaim its 2021 all-time high of $0.00008845 but also to enter a new price recovery phase in the $0.0001 range.

As a result, the analyst urged SHIB enthusiasts to “buckle up” for a potential wave three ride, hinting at a potentially explosive price movement on the horizon. However, the analyst also cautioned that enthusiasts must remain vigilant and wait for confirmation before getting too excited about the potential wave three rally.