Shiba Inu price forms an inverse head and shoulders pattern, indicating a significant surge if Ethereum hits $4,000 amid Bitcoin ATH momentum.
Bitcoin has reached an all-time high, and Shiba Inu (SHIB) is on the brink of an explosion.
Polymarket data indicates that Ethereum’s possibility of reaching $4,000 is increasing, which could benefit the SHIB coin, a meme token based on Ethereum.
This meme coin frequently monitors Ethereum’s movements; therefore, a surge in ETH to $4,000 could also significantly increase Shiba Inu’s price.
On May 23, SHIB is trading at $0.0000156 and is on the brink of a significant breakout, which is being bolstered by Ethereum’s favorable outlook.
Shiba Inu Price May Increase Significantly If Ethereum Surpasses $4,000
The current Shiba Inu price is $0.00001557, which represents a 52% increase from its lowest point this year.
If the Ethereum price rises to $4,000, this rally could intensify and reach its November 2024 high of $0.0000333.
The probability of Ether reaching $4,000 has increased to 43%, the most significant level since May 1, according to Polymarket data.
These odds reached their lowest point of 16% a few weeks ago.
The price of ETH must increase by 54% to reach the target of $4k, as it is currently trading at $2,660.
A move of this nature is feasible, as it has already recovered by 92% from its April low.
Additionally, technical indicators indicate that Ethereum’s value may increase to $4K this year.
As the spread between the 50-day and 200-day Weighted Moving Averages (WMA) approaches their crossover, it is approaching the formation of a golden cross pattern.
Additionally, it gradually establishes a chart pattern resembling a bullish pennant or flag.
In most instances, Ethereum meme coins experience an increase in value during periods of growth and a decrease in value during periods of decline.
For example, the number of Shiba Inu dogs decreased by 70% from December 8 to April 8.
This collapse occurred concurrently with Ethereum’s decline from $4,080 to below $1,400.
The same performance is frequently observed in other chains.
Solana meme coins often experience a surge in value when SOL is on the rise and a decline in value when SOL is on the decline.
Key Targets For SHIB Investors To Monitor
The future target of this Shiba Inu price prediction is estimated using the daily chart.
The coin exhibited a nearly flawless inverse head and shoulders pattern between March and May, as evidenced by this chart.
The head section was priced at $0.000010, while the shoulders were priced at $0.00001150.
SHIB is currently endeavoring to surpass the neckline at $0.00001565.
It has already surpassed the 50 WMA and is on the brink of crossing the 200 WMA.
Shiba Inu is currently in the second phase of the Elliot Wave pattern and is on the brink of entering the third phase.
This could propel the stock to the 50% retracement at $0.0000221.
It will retest the 61.8% retracement at $0.00001945 and commence the final limb of the impulse wave.
Ultimately, the SHIB price is expected to increase by 115% from its current level to the December high of $0.000033.
This is the most probable scenario.
The bullish SHIB forecast will be rendered invalid by a decline below the support at $0.000012, indicating a decline to the year-to-date low of $0.00001080.
Nevertheless, for long-term Shiba Inu projections, please consult our comprehensive prediction model, which can be accessed here: Shiba Inu price forecast Between 2030 and 2050
