Gushiken Yona
Shiba Inu could potentially experience an impressive surge, exceeding 350%, to reach new record highs. This bullish forecast hinges on recent technical analysis indicating a significant upward trend in SHIB’s price, suggesting a promising future for the popular cryptocurrency.
Shiba Inu currently shows a double-digit surge over the past seven days, a price movement previously predicted by notable crypto traders and analysts. But, it appeared that this is just the start of a rather more bullish movement from the world’s second-largest dog-themed altcoin if the recent forecast of crypto analyst JavonMarks (@JavonTM1 on X) is anything to go by.
In a tweet this week, JavonMarks noted that Shiba Inu (SHIB) demonstrated a significant price surge after breaking out of a chart pattern similar to the one that preceded a prior bull run. This breakout led to a roughly 400% increase in price, from $0.000009079 to $0.00004559.
The analyst noted that there’s potential for further price increases as long as this breakout holds. They highlighted a recently confirmed bull pattern and a hidden bullish divergence between price and the Relative Strength Index (RSI), indicating underlying strength and potential for the uptrend to continue.
Moreover, the crypto analyst predicted another massive move of +351% from the current price towards the breakout target of $0.0000886, which coincides with SHIB’s all-time high. This prediction is based on the similar pattern observed in the previous bull run and the confirmation of a hidden bullish divergence.
They also shared a chart showing SHIB’s price breaking out of a descending trendline and a falling wedge pattern (the first marked area). This breakout led to the 400% price increase mentioned. The current price action shown in the chart showed SHIB consolidating above the breakout point, forming a pennant pattern (the second marked area). A breakout from this pennant pattern could confirm the analyst’s prediction and trigger another significant price surge.
This prediction was echoed by another crypto analyst Crypto Sheriff (@Gem_Sheriff on X) in an X post Wednesday. Aside from affirming that the period of sideways price movement (consolidation) is over, signaling the beginning of a new phase.
In their forecast, Crypto Sheriff referenced specific technical indicators like inevitable bull run and acknowledged the overall positive market conditions as a supporting factor for SHIB’s potential growth.
Shiba Inu’s market performance reveals a dynamic and fluctuating landscape. As of Wednesday evening, the popular meme coin traded at $0.00001875, reflecting a slight 3.34% dip in the past 24 hours. However, zooming out reveals a more complex picture. Over the last week, SHIB has experienced a notable surge of 15.13%, contrasting with a 3.61% decline over the past month.
The current circulating supply of Shiba Inu stands at a staggering 589,270,742,857,241 SHIB, contributing to a substantial market capitalization of $11,048,997,808, data from CoinMarketCap showed. With a 24-hour trading volume of $432,845,338, it’s clear that SHIB remains a vibrant and actively traded asset within the cryptocurrency market. Despite the recent daily dip, the significant weekly surge and substantial market cap suggest that Shiba Inu continues to command attention and interest among investors.
Read More
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- Shiba Inu Poised for ‘Vertical Movements,’ Triple-Digit Gains Predicted by Crypto Traders
- Shiba Inu Chart Flashes ‘Super Bullish’ Signals, Crypto Trader Predicts ‘Giga Pump’ for SHIB
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
