As a seasoned crypto investor with a knack for spotting undervalued gems, I find myself intrigued by the current state of Shiba Inu (SHIB). The past few weeks have been a rollercoaster ride, but the recent consolidation between $0.000013 and $0.00001370 has caught my attention.
Over the past two days, the price of Shiba Inu meme coin has been moving within a tight band, ranging from approximately $0.000013 (at support) to $0.00001370 (at resistance). This narrow trading range is a result of consolidation following a steep drop in its price, which occurred when it fell from around $0.00001600 at the end of August. The significant decrease has led to SHIB rebounding off the support level at $0.000013, which aligns with the 0.618 Fibonacci extension indicator within a bear market trend that began in April.
As an analyst, I’ve been closely watching Shiba Inu (SHIB) and despite its ongoing struggle against the larger bearish trend on the monthly timeframes, I remain optimistic about a potential upward break for SHIB. Several technical experts, myself included, view SHIB’s ability to maintain support at this critical level without dipping lower as a testament to its resilience.
SHIB Recovery Still In Play
Javon Marks’ recent analysis on Shiba Inu coin (SHIB) was highlighted in a social media post, continuing the discussion that started back in September 2023. One significant factor boosting his positive outlook is the Relative Strength Index (RSI), which suggests a bullish trend due to its divergence pattern.
In simpler terms, the Relative Strength Index (RSI) is a tool that measures how quickly and strongly the price of an asset like Shiba Inu (SHIB) is moving. When it comes to SHIB, the RSI had significantly dropped from a zone indicating the price was overbought in April, and recently touched its lowest point seen since early 2024. As per analyst Marks’ interpretation, this dip is actually positive for SHIB as it suggests a possible return of overbought momentum. If this momentum materializes, we could see SHIB prices surge by approximately 231% from the current level to potentially reach $0.00003629 again.
As the new yearly peak has been reached, there’s potential for a sustained move towards Shiba Inu (SHIB) approaching its all-time high. Looking further into the future, Mark maintains his long-term goal for SHIB, a goal he first shared in his technical analysis from September 2023, with the “$0.000081” mark still in view.
In Marks’ study, the price of $0.000081 has consistently been at the heart of his examination regarding Shiba Inu’s price predictions. For Shiba Inu to reach this price, it would require a substantial jump in value, approximately 480% from its current market level.
Current State Of Shiba Inu
As I pen this down, Shiba Inu (SHIB) is currently exchanging hands at approximately $0.0000132. The intrigue among investors towards SHIB remains palpable, with a notable surge in whale activity observed recently. Notably, analysts at Santiment have pointed out a relatively quiet period of interest surrounding meme coins such as SHIB over the past few weeks.
According to Santiment’s analysis, the minimal actions and diminished enthusiasm in the Shiba Inu market might indicate that it’s getting close to reaching its lowest point, paving the way for a possible recovery.
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2024-09-06 19:16