As a seasoned cryptocurrency analyst with over a decade of experience in the industry, I have witnessed the rise and fall of countless digital assets. The recent resurgence of Shiba Inu (SHIB) has piqued my interest, particularly due to its potential breakout from a declining wedge formation.
As a researcher delving into the cryptocurrency realm, I’ve noticed a resurgence of interest surrounding Shiba Inu (SHIB), the humorous counterpart that made waves in 2021. Crypto expert Javon Marks has pointed out an intriguing pattern – SHIB appears to have broken free from a descending wedge formation. This potentially indicates a significant price surge may be on the horizon.
Mark predicts that SHIB could potentially surge by approximately 342% and reach around $0.000081, a value last observed during the bull market of 2021. If current patterns persist, there’s a possibility that this dog-themed cryptocurrency might experience a significant price reversal in an upward direction.
After surpassing a significant turning point, Shiba Inu’s future price trend seems optimistic. If the token manages to hit $0.00001794 by mid-November 2024, it could result in an instant price increase of approximately 0.65%.
The Fear & Greed Index is currently at a moderate 50, indicating a balanced outlook on the market with a hint of cautious optimism towards the potential shift in Shiba Inu (SHIB) price. Over the past month, SHIB has been predominantly green for 15 days, suggesting positive growth and continued development in the near future.
$SHIB (Shiba Inu) –
Are you prepared for $0.000081!?
In simpler terms, the Shiba Inu coin (SHIB) has just broken out of a pattern known as a Falling Wedge. This pattern is usually followed by a significant surge in price. A potential increase of over 342% could occur immediately due to this breakout and the ongoing resistance trend. The breakout may serve as a catalyst for this upward movement.
— JAVONMARKS (@JavonTM1) October 11, 2024
The Power Of A Falling Wedge
Over the past five months, SHIB has been following a falling wedge shape on its chart, a technical pattern often associated with a significant bullish turnaround. This pattern, characterized by consistently decreasing lows and highs, is typically a sign that a breakout might occur.
By March 2024, the trend seemed undeniably evident, as Shiba Inu (SHIB) dipped from its annual peak at $0.000045. As suggested by Marks, this could potentially be the catalyst propelling the token up to $0.000081.
Key Indicators Point To Strength
There’s a growing sense that Shiba Inu (SHIB) could be gaining traction as it trades near $0.00001785, showing consistent higher lows. Moreover, its 50-day and 100-day Exponential Moving Averages (EMAs) are currently below the current price level, which often indicates a bullish outlook for the token.
In simpler terms, even though Shiba Inu (SHIB) is currently trading below its 50-day moving average, which can be a warning sign for bears, it’s important to note that it’s still above its 200-day moving average. This suggests that SHIB has been trending upward over the long term. However, these indicators don’t necessarily predict where it will go next; it could potentially move in either direction. The combination of these signals shows that SHIB is currently quite stable.
Support And Resistance Levels
As we move forward, Shiba Inu is expected to find significant support near 0.000017 USD. Resistance levels can be found at 0.000018 and 0.000019 USD. If the token manages to break through these resistance levels, it could potentially reach the projected target of around 0.000081 USD quite quickly.
While there’s still potential for growth in SHIB, it’s crucial for traders and investors to keep a close eye on price movements. The upcoming actions for SHIB could either solidify the breakout or lead to further consolidation. Given its past patterns and promising technical indications, we might not be far from witnessing a major surge in value for SHIB soon.
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2024-10-13 23:10