Shiba Inu Could Surge Over 300%, Analyst Predicts

Shiba Inu is reportedly poised to surge by over 300% from its recent price as it starts flashing bullish signals.

In a post on X (formerly Twitter), on Tuesday Javon Marks (@JavonTM1 on X) highlighted several bullish technical indicators suggesting SHIB could surge over 300% from current levels.

Shiba Inu Forecast

“$SHIB (Shiba Inu) looks to be in some of its best positions in years, holding well broken out and up over 162% since, while also showing majorly positive responses to a recent Hidden Bullish Divergence!” Marks wrote. He further predicted that this divergence could propel SHIB over 75% above its 2024 highs, potentially leading to a larger 215% uphill run to a target price of $0.000081.

Marks’ Shiba Inu (SHIB) chart revealed a compelling bullish narrative. The chart showed a clear downtrend from late 2021 through 2023, followed by a significant breakout in late 2023/early 2024.

Shiba Inu Could Surge Over 300%, Analyst Predicts, Citing Bullish Technical Signals

This breakout, coupled with subsequent consolidation above the previous resistance (now acting as potential support), suggests a shift in market sentiment. Key levels included an “Accumulation” zone, indicating a period of buying, and a “Reclaim” point where SHIB broke above a crucial resistance.

Marks highlighted a “Hidden Bullish Divergence,” where the price makes higher lows while the RSI oscillator makes lower lows, signaling increasing buying pressure despite price dips. This divergence, along with increased volume during the breakout and consolidation, strengthened the bullish case.

Marks projected ambitious price targets of $0.000051 and $0.000081, potentially aligning with Fibonacci retracement levels, although these aren’t explicitly marked on the chart. The overall interpretation suggests SHIB could be poised for significant gains, driven by the technical strength shown in the breakout, consolidation, bullish divergence, and increased volume.

Shiba Inu Price Action

As of 3:06 a.m. ET on Tuesday, Shiba Inu was trading at $0.000025, reflecting a 2.66% decline over the past 24 hours and a 0.62% dip over the past week. While the cryptocurrency experienced a significant 47.72% surge in value over the past month, its recent downward trajectory indicates potential market volatility and shifting investor sentiment.

Shiba Inu Could Surge Over 300%, Analyst Predicts

Despite the recent price decline, community sentiment on CoinMarketCap remains overwhelmingly bullish, with 89% of users expressing bullish sentiment and only 11% bearish. This suggests that the community still has high hopes for the future of Shiba Inu, potentially indicating strong underlying support and a belief in its long-term potential.

With a market capitalization of $14.83 billion and a circulating supply of 589.51 trillion SHIB, Shiba Inu maintains its position as a notable cryptocurrency.

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.

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