Gushiken Yona
Shiba Inu defies the September slump, trading in the green zone and experiencing a 37.5% price hike in the last 30 days. However, it appears that the dog-themed altcoin is just getting started, with a renowned crypto analyst forecasting that SHIB could see significantly more gains, potentially as high as 360%, in the coming days.
Crypto analyst Javon Marks saw major strength emerging in Shiba Inu ($SHIB) prices, potentially signaling the early stages of a significant upward movement. Marks, known for his technical analysis, pointed to a recent breakout from a sizable Falling Wedge pattern as a key indicator of this bullish outlook.
Marks’ analysis centered on the Falling Wedge pattern that formed on the Shiba Inu price chart. This pattern, characterized by converging trendlines sloping downwards, is often seen as a bullish reversal signal.
As the price consolidates within the wedge, it suggests that selling pressure is gradually weakening. A decisive breakout above the upper trendline, as observed in the Shiba Inu chart, confirmed this reversal and indicated a potential shift toward an uptrend.
The Shiba Inu chart, shared by Marks, revealed a compelling story. The price, after experiencing a period of decline, found support along the lower trendline of the Falling Wedge.
As the price bounced off this support level multiple times, it formed a series of higher lows, suggesting that buyers were stepping in at lower levels. This bullish divergence between price and momentum further strengthened the case for a potential reversal.
The breakout itself was marked by a surge in trading volume, indicating strong buying conviction. This volume spike confirms that the breakout was not a false signal but rather a genuine expression of bullish sentiment. The price then retested the upper trendline of the wedge, which now acted as support, before continuing its upward trajectory.
Based on the Falling Wedge pattern, Marks projected a target price of $0.000081 for Shiba Inu. This target is derived by measuring the height of the wedge at its widest point and projecting it upwards from the breakout point.
If this target is reached, it would represent a staggering 360% increase from the current price level. While the technical analysis paints a bullish picture, it is essential to acknowledge that cryptocurrency markets are inherently volatile and unpredictable.
External factors, such as regulatory changes or broader market sentiment, can influence price movements. Therefore, it is crucial to exercise caution and conduct thorough research before making any investment decisions.
Marks’ analysis underlined that Shiba Inu has the potential for a significant upside move in the coming weeks and months. The breakout from the Falling Wedge pattern, coupled with the bullish community sentiment, provided a strong foundation for this optimistic outlook.
However, investors should remain vigilant and monitor market conditions closely as they navigate the exciting, yet often turbulent, world of cryptocurrencies.
Read More
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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.
