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Shiba Inu (SHIB), the parody coin that made headlines in 2021, has reignited investor interest. Based on the research of crypto expert Javon Marks, the token has recently emerged from a declining wedge formation, which may indicate that a substantial price increase is in store.
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Marks estimates that SHIB could rise 342% to reach $0.000081, a level not seen since the 2021 bull run. If current trends continue, the dog-inspired digital asset could see a significant price swing.
After this milestone, the future of SHIB’s course looks promising. According to the estimates, if the token reaches $0.00001794 by mid-November 2024, there will be an immediate price gain of 0.65%.
The current position at a neutral 50 on the Fear & Greed Index reflects a balanced mood in the market and correlates well with cautious optimism about the change in the market. SHIB Award. Over the last thirty days, SHIB has been green for half of the days, fifteen days, and that also supports further future development.
$SHIB (Shiba Inu) –
Are you prepared for $0.000081!?
Now that SHIB has broken out of the recent Falling Wedge pattern and a much larger (unpictured) resistance trend exists, a run of over 342% from here to it could happen ASAP, and this falling wedge break can only accelerate the process get going 🧨! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N
— JAVON⚡️MARKS (@JavonTM1) October 11, 2024
The power of a falling wedge
For the past five months, SHIB has been in a falling wedge pattern, a chart pattern in technical analysis that normally shows a strong bullish reversal. As such, this particular pattern, where the lows are lower and the highs are lower, has proven to be a trigger for breakouts.
By March 2024, the pattern was apparently clear, as SHIB fell from its yearly high at $0.000045. According to Marks, it could be the breakthrough that pushes the token all the way to $0.000081.
Key indicators point to strength
Momentum could be building as SHIB trades around $0.00001785 with continued higher lows. Furthermore, the token’s 50- and 100-day Exponential Moving Averages (EMAs) are lower than the current price, indicating bullishness.
The fact that SHIB is still trading above its 200-day Simple Moving Average (SMA) indicates that it is in an uptrend over the long term, despite the fact that it is trading below its 50-day SMA, which is often a bearish signal is . The confluence of these indicators indicates that SHIB is stable, although it is possible that it continues to move in either direction.
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Support and resistance levels
Looking ahead, Shiba Inu has key support around $0.000017; resistance at $0.000018 and $0.000019. Should the token be able to cross these resistance thresholds, it could quickly reach the projected target of $0.000081.
Meanwhile, there is still room for development, but traders and investors should continue to keep a close eye on price activity as the next steps for SHIB could confirm the breakout or trigger even more consolidation. But given past trends and technical hints that look hopeful, it could only be a matter of time before SHIB explodes in significant value soon.
Featured image from Pexels, chart from TradingView