Shiba Inu (SHIB) has dipped below $0.00003 again after testing the price level for more than 48 hours. Despite this, the cryptocurrency has largely exhibited signs of resilience from the bulls after its strong price surge in early March, prompting analysts to persist on a bullish outlook.

According to a crypto analyst known as Xanrox, Shiba Inu is on its way to the $0.0008 price level. Interestingly, the analyst’s prediction is based on a series of Elliot Waves, allowing him to identify potential price support and resistance zones in the long term.

Xanrox, who periodically drops crypto outlooks on Tradingview, has now joined a cohort of analysts foreseeing the continuation of a price uptrend for Shiba Inu. His SHIB analysis, which he titled “Buy here, do not miss next pump,” dates as far back as March 17 and has constantly been updated as the price action plays out. 

Interestingly, the first 3-day timeframe chart shared by the analyst looked at SHIB’s position nine days after it reached $0.00004556. Shiba Inu had started to consolidate by this time and had fallen to $0.00002763. However, according to Xanrox, the consolidation opens up the perfect opportunity to load up on SHIB. His entry point, which is at $0.0000225, coincides with the 0.618 Fibonacci retracement level. 

Xanrox also noted that SHIB’s price action will form a flag pattern, which is a perfect indicator of a bullish breakout. The crypto’s price has well, in fact, gone ahead to complete a flag formation. However, in his most recent update, Xanrox noted that while a falling wedge pattern has been formed, it would be wise to wait for another Elliott Wave formation to the downside in order to be sure that the pattern is complete.

Most notable in his analysis is the use of Elliott Waves to bolster his bullish prediction and draw out price action in the next few months after the uptrend continuation. Using his knowledge of Elliot Wave Theory, Xanrox pinpointed $0.0008 as a potential price point for the end of the fifth impulse wave. Interestingly, this would mean a 317% increase from his optimal entry point. 

Xanrox pointed out that SHIB only has one major resistance on its way up, which is around its current all-time high of $0.000086. However, the cryptocurrency has now formed a strong resistance at the $0.00003 price point, which remains to be overcome.

According to another analyst, Shiba Inu could break out of this price level and reach $0.000058 this April. It will be necessary for SHIB bulls and enthusiasts to raise their accumulation in order for this to become a reality.

At the time of writing, SHIB is trading at $0.00002873, down by 5.8% in the past 24 hours. 

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