Shiba Inu (SHIB) Price Prediction: SHIB Coin Is Set to Explode Following Bitcoin's Surge to an All-Time High

Shiba Inu (SHIB) is set to explode following Bitcoin's surge to an all-time high. Polymarket data shows Ethereum reaching $4,000 odds are soaring

Shiba Inu (SHIB) is setting up for an explosive rally following Bitcoin’s surge to an all-time high.

As seen by Polymarket, odds of Ethereum reaching $4,000 are surging, which could serve as a tailwind for SHIB coin, which is an ETH-based meme token. Since this meme coin often tracks Ethereum’s moves, an explosively bullish push in ETH to $4,000 could also see Shiba Inu price skyrocket.

Shiba Inu Price Today: SHIB Surges 52% From 2024 Low

Shiba Inu price today trades at $0.00001557, up by 52% from its lowest level this year. This rally could accelerate and hit its November 2024 high of $0.0000333 if the Ethereum price surges to $4,000.

Polymarket data shows that Ether’s odds to soar to $4,000 have risen to 43%, the highest level since May 1. These odds bottomed at 16% a few weeks ago.

With ETH price trading at $2,660, it needs to jump by 54% to hit the target of $4k. Such a move is possible since it has already rallied by 92% from its April low.

Technicals also suggest that the Ethereum price may surge to $4K this year. It is about to form a golden cross pattern as the spread between the 50-day and 200-day Weighted Moving Averages (WMA) near their crossover. It is also slowly forming what resembles a bullish pennant or flag chart pattern.

The most likely scenario is where the SHIB price surges to the December high of $0.000033, up by 115% from the current level. A drop below the support at $0.000012 will invalidate the bullish SHIB forecast, and point a drop to the year-to-date low of $0.00001080. However, if you are looking for long-term Shiba Inu projections, check our full prediction model here: Shiba Inu Price Prediction 2030-2050.

Shiba Inu Price Prediction: SHIB Could Soar as IVM Count Remains High

The most likely scenario is where the SHIB price ultimately rises to the December high of $0.000033, up by 115% from the current level.

A drop below the support at $0.000012 will invalidate the bullish SHIB forecast, and point a drop to the year-to-date low of $0.00001080.

However, if you are looking for long-term Shiba Inu projections, check our full prediction model here: Shiba Inu Price Prediction 2030-2050.

Key Targets to Watch For

This Shiba Inu price prediction uses the daily chart to estimate its future target. This chart shows that the coin formed a near-perfect inverse head and shoulders pattern between March and May. The head section was at $0.000010, while the shoulders were at $0.00001150. SHIB is now attempting to move above the neckline at $$0.00001565. It has already moved above the 50 WMA, and is also about to flip the 200 WMA level.

Shiba Inu is also in the second phase of the Elliot Wave pattern and is about to start the third one, which could push it to the 50% retracement point at $0.0000221. It will then retest the 61.8% retracement at $0.00001945, and then start the final leg of the impulse wave.