Shiba Inu currently sits in a strong buy zone amid market uncertainties, looking to engineer a massive move soon.This is according to long-term Bitcoin and crypto investor CryptoELITES. The analyst's latest commentary comes amid broader market struggles that have kept Shiba Inu below the $0.000013 mark. Notably, SHIB's current position around the $0.00002 region represents a 63% drop from the December 2024 peak of $0.00003343. The asset has observed intermittent declines since reaching this high amid the Trump-led rally. SHIB's 4-Year Symmetrical Triangle Despite the recent bearish turn of events, CryptoELITES believes Shiba Inu is currently in a favorable position. To drive home his point, the analyst shared a weekly chart detailing an extensive symmetrical triangle that has dictated Shiba Inu's price movements over the past four years.For context, the symmetrical triangle formed after Shiba Inu dropped from an all-time high of around $0.000088 in October 2021. The asset had reached this top on the back of the bull run, with several assets claiming new all-time highs during that month and two months after.Shiba Inu Weekly Symmetrical Triangle | CryptoELITESHowever, as the bull run slowed, Shiba Inu witnessed a massive pullback. This led to the formation of the symmetrical triangle. The asset could not even retest the upper trendline of the triangle until last year when it soared to a three-year top of $0.000045 in March on the back of a meme coin craze.The resistance at this peak resulted in another major correction, especially as the meme coin craze died down. SHIB sought to retest the upper trendline again in December 2024 but faced swift resistance when it reached $0.000033. Since then, the meme coin has continued to correct.CryptoELITES' chart suggests that this correction, which led to a $0.00001082 low, has resulted in a retest of the lower trendline. It bears mentioning that each time SHIB retests the lower trendline support, it records an impressive upward thrust.Shiba Inu in a Strong Buy ZoneCiting this, the analyst noted that Shiba Inu is now in a "strong buy zone." According to him, a big move is on the horizon. CryptoELITES believes this upcoming big move could help Shiba Inu to break above the symmetrical triangle.Should this occur, the analyst has set an ambitious target. He expects a massive run to $0.00023, essentially resulting in the elimination of one leading zero and representing a new all-time high. At the current price of $0.00001258, Shiba Inu must appreciate by more than 17x to reach the $0.00023 target.Interestingly, CryptoELITES is not the only analyst who sees SHIB hitting $0.00023. Last August, market watcher Alan Santana suggested that Shiba Inu was in an "accumulation zone." According to him, a breakout would lead to a rally to $0.0002318.
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