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Shiba Inu (SHIB), the funny coin that hit the headlines in 2021, has regained the interest of investors. Based on the analysis of crypto expert Javon Marks, the token has recently appeared in a descending wedge formation, which may suggest that a strong price increase is imminent.
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Marks estimates that SHIB could rise by 342% and reach $0.000081, a level not seen since the start of operations in 2021. If current trends continue, canine-inspired digital assets may see a significant price reversal.
Following that historic break, the future of SHIB’s price looks promising. According to estimates, if the token reaches $0.00001794 during November 2024, there will be an immediate price gain of 0.65%.
The current neutral position of 50 for the Fear & Greed Index indicates a balanced attitude in the market and is positively correlated with the cautious optimism about SHIB’s price change. Lately, in the last 30 days, SHIB has been green for half of the days, 15, and that also supports future developments.
$SHIB (Shiba Inu) –
Are you ready for $0.000081!?
Since SHIB has broken out of the recent Falling Wedge pattern and the biggest trendline (not pictured) resistance, a run of over 342% from here to there is possible FAST, and this break-down can help trigger the process 🧨! pic.twitter.com/eefYqFGg1N
– JAVON⚡️MARKS (@JavonTM1) October 11, 2024
Falling Wedge Power
For the past five months, SHIB has been in a falling wedge pattern, which is a chart pattern in technical analysis that usually trends with a strong bullish reversal. As such, this particular pattern, where the lows are low and the highs are low, has proven to be a breakout trap.
By March 2024, the pattern was clear, as SHIB was down from its annual high of $0.000045. According to Marks, it may be a success that pushes the token all the way to $0.000081.
Key Indicators Point to Power
Momentum may be coming as SHIB is trading around $0.00001785 with a sustained high decline. Additionally, the token’s 50-day and 100-day Exponential Moving Averages (EMAs) are lower than the current price, suggesting bullishness.
The fact that SHIB is still trading above its 200-day Simple Moving Average (SMA) indicates that it is at a long-term high, despite the fact that it is trading below its 50-day SMA, which is usually a bearish signal. . The combination of these indicators shows that SHIB is stable, although it is possible to move forward in either direction.
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Support and Resistance Levels
Looking ahead, the Shiba Inu has an important support around $0.000017; resistance at $0.000018 and $0.000019. If the token is able to cross these resistance levels, it may quickly reach the expected goal of $0.000081.
At the moment, there is still room for improvement, but traders and investors should continue to closely monitor the price action because SHIB’s next moves could confirm an exit or initiate further consolidation. But judging by past trends and promising tech plans, it may only be a matter of time before SHIB explodes into significant value soon.
Featured image from Pexels, chart from TradingView