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A technical analyst known as “Charting Guy” recently shared his thoughts on Shiba Inu (SHIB), saying it could see a big price increase, possibly surpassing its 2021 peak. He compared SHIB’s current price patterns to those of Dogecoin, hinting at a potential breakout.
When asked about which cryptocurrencies might deliver 10x returns, he initially mentioned Dogecoin, XRP, and FET, but a Shiba Inu fan questioned why SHIB was left out. In response, the analyst explained that SHIB’s potential is just as strong.
He pointed out that SHIB recently faced resistance at a key Fibonacci retracement level, but it has since found solid support, suggesting that it might be ready to resume its upward trend. According to the analyst, Shiba Inu is following a classic pattern from the Elliott Wave Theory, and if this continues, the third wave could be the strongest, pushing SHIB to new all-time highs.
Shiba Inu’s current all-time high is $0.00008845, and it would need to rise by over 556% to break that record. The analyst believes that many altcoins, including SHIB, are showing similar signs of a potential breakout.
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