Gushiken Yona
The scent of a potential price pump hangs heavy in the digital air. A blend of speculation and excitement that whispers of meme magic. Is Memetober already upon us? One analyst thinks so, pointing to the recent price action of Shiba Inu and predicting a potential 351% surge that could send the dog-themed token to the moon.
Shiba Inu (SHIB), the popular dog-themed altcoin, has shown renewed strength in recent trading, breaking out of a falling wedge pattern, according to crypto analyst Javon Marks (@JavonTM1 on X).
Marks, (@JavonTM1 on X), told their nearly 43K followers, the significant upside potential for Shiba Inu (SHIB), forecasting a potential price surge exceeding 351% after a breakout from a falling wedge pattern. Specifically, Marks pointed to SHIB’s recent trading activity, highlighting a distinct pattern emerging on the price charts.
“$SHIB (Shiba Inu)’s price is starting to return with strength here while continuing to hold broken out of a recently set falling wedge pattern,: the crypto analyst noted. “Next level can be coming in and it could lead into a massive, >351% move to our larger $0.000081 target,” they added.
A technical analysis of the chart revealed a falling wedge pattern, a formation characterized by two converging downward-sloping trendlines. This pattern typically suggested a period of price consolidation with decreasing volatility.
The upper trendline connected a series of lower highs, while the lower trendline connected a series of lower lows. Subsequently, SHIB’s price moved above the upper trendline of this wedge, a movement often interpreted as a bullish signal.
This breakout gained further significance when considered alongside SHIB’s prior price action. The chart showed a significant price spike before the formation of the falling wedge, followed by a period of decline.
This indicated that SHIB experienced a period of high volatility before it entered the consolidation phase represented by the wedge. Therefore, the recent breakout could have signaled a resumption of the previous upward momentum.
Marks derived his price target of $0.000081 by measuring the height of the falling wedge at its widest point and projecting that distance upward from the breakout point. This is a standard technique in technical analysis for estimating potential price targets after such breakouts.
The gray chart below the price chart likely represented trading volume. Although the image did not provide specific volume data, a breakout ideally should be accompanied by a surge in trading volume to confirm its validity and strength. Increased volume would indicate stronger conviction behind the price move.
Shiba Inu (SHIB) is experiencing a surge of activity, sparking renewed interest in the meme coin. As of 4:14 a.m. ET on Saturday, SHIB traded at $0.00001764, marking a 5.64% increase in value over the past 24 hours. This price jump coincides with a significant increase in trading volume, which surged by 25.29% to reach $502,934,611 within the same timeframe.
While the past week saw a slight dip of 9.39% in SHIB’s value, the overall trend remains positive, with a remarkable 30.73% surge over the past 30 days. This impressive monthly performance underscores the potential for significant price swings that characterize the volatile cryptocurrency market.
With a circulating supply of 589,267,460,469,649 SHIB, according to data from CoinMarketCap, the token’s market capitalization experienced a notable 5.66% increase, reaching $10,409,137,644. This substantial market cap reflects the growing interest and investment in SHIB, despite the inherent risks associated with meme coins.
Read More
- Defying the September Curse: An Exclusive Interview with Shibtoshi on Shiba Inu Price Surge
- Shiba Inu Turns Up the Heat: Incinerated Billions of Tokens in September
- Shiba Inu’s Ascent: Decoding the Recent Price Surge with CIFDAQ Chairman
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.
