Michaela
The SHIB Price is exhibiting key technical patterns that suggest a major shift against Bitcoin, according to a new analysis published by crypto market analyst Javon Marks. The analyst’s chart, shared on X, identifies a classic “falling wedge” formation and a bullish divergence in momentum, indicating that selling pressure on the SHIB/BTC ratio is weakening. This observation places the $5.6 billion altcoin’s trading dynamics in immediate focus for investors tracking the market leader’s influence.
Key points:
- Crypto analyst Javon Marks spotlighted a potential SHIB breakout against Bitcoin, citing a ‘falling wedge’ pattern and bullish MACD divergence as signals for reduced selling pressure and possible upward momentum.
- Shiba Inu is currently trading at $0.0000096, down from $0.00001061 a week ago and $0.00001244 a month ago, with a circulating supply of roughly 589.24 trillion tokens.
- Marks indicates that this technical pattern could potentially drive Shiba Inu’s price to increase by several hundred percent.
Shiba Inu Technical Analysis
The analysis published by Marks focused on technical patterns that indicate a potential change in market structure for the token. The chart displayed a ‘falling wedge’ pattern, which Marks interpreted as preceding a significant upward price reversal.
Marks pointed to the chart showing a ‘falling wedge’ pattern in the SHIB/BTC ratio, a configuration used in technical analysis to suggest a possible upward price reversal. He also cited a “bull divergence” in the underlying Moving Average Convergence Process (MACD) indicator as confirmation. Marks stated that these patterns put SHIB “on track to breakout against Bitcoin,” a technical term signifying that SHIB’s value is expected to appreciate at a faster rate than Bitcoin’s.
In an X post, Marks shared a chart that provided a technical analysis of SHIB. The chart displayed a ‘falling wedge’ pattern, which Marks cited as a sign of potential upward price reversal.
“This could result in Shiba climbing hundreds of % higher,” Marks wrote in the post.The outcomes of technical patterns remain uncertain and dependent on market conditions.
SHIB Price Performance
As of 3:34 AM ET, SHIB is trading at $0.0000096. Over the past week, the token’s price was $0.00001061, and a month ago it stood at $0.00001244. SHIB’s circulating supply currently totals approximately 589.24 trillion tokens, according to CoinMarketCap data.
Shiba Inu was trading at $0.000009607 as of 4:50 a.m. ET on Monday, based on data from CoinMarketCap. The token’s 24-hour trading volume increased by 40.06% to $145.93 million.
This price represented a 5.66% decline in the past 24 hours, an 8.46% fall over the last seven days, and a 23.35% drop in the past month. The CoinMarketCap data set also revealed SHIB’s circulating supply currently totals 589.24 trillion tokens and its market capitalization stands at $5.68 billion.
Beyond technical indicators, market sentiment around Shiba Inu remains active, with social media discussions and community engagement continuing to influence short-term movements.
Broader cryptocurrency trends, including Bitcoin’s movements and evolving regulatory clarity, could influence SHIB’s short-term price performance, but its presence in decentralized finance (DeFi) platforms, NFT initiatives, and other blockchain ecosystems highlights its growing utility.
The analysis of technical patterns, including the falling wedge and MACD divergence, is not a guarantee of future market results. While these forecasts are based on historical charting principles, all outcomes remain uncertain and are subject to immediate shifts in broader cryptocurrency trends and market volatility.
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Michaela 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 Magazine and The Shib Daily are the official media and publications 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.
