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Shiba Inu (SHIB), the parody coin that made headlines in 2021, has reignited investor interest. According to research by cryptocurrency expert Javon Marks, the token has recently emerged from a declining wedge, which could suggest a significant price increase is imminent.
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Marks estimates that SHIB could increase by 342%, reaching $0.000081. This is a level not seen since a strong 2021. If current trends continue, the dog-inspired digital asset could see a significant price reversal.
After the milestone breaking, the future of SHIB price looks promising. According to estimates, there will be an immediate price increase of 0.65% once the token reaches $0.00001794 in mid-November 2024.
The current position of the Fear & Greed Index at neutral 50 indicates a balanced sentiment for the market and correlates well with cautious optimism about SHIB price developments. In the last 30 days, SHIB has been green for 15 half days, which also supports future developments.
$SHIB (Shiba Inu) –
Are you prepared for $0.000081!?
If SHIB breaks out of its recent Falling Wedge pattern and shows a much larger (not pictured) resistance trend, a 342%+ rally could happen ASAP from here and this Falling Wedge break will only help trigger the process 🧨! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N
— JAVON⚡️MARKS (@JavonTM1) October 11, 2024
force of falling wedge
Over the past five months, SHIB has exhibited a descending wedge pattern. This is a chart pattern in technical analysis that typically shows a strong bullish reversal trend. Therefore, this particular pattern of lower lows and lower highs has been proven to trigger breakouts.
The pattern became clear in March 2024, with SHIB falling from its yearly high of $0.000045. According to Marks, this could be a breakthrough, pushing the token to $0.000081.
Strength of Key Indicators
Momentum may be showing as SHIB continues to make higher lows, trading around $0.00001785. Additionally, the token’s 50-day and 100-day exponential moving averages (EMA) are below the current price, suggesting bullishness.
The fact that SHIB is still trading above its 200-day simple moving average (SMA) indicates that it is in a long-term uptrend, even though it is trading below its 50-day SMA, which is often a bearish signal. . The confluence of these indicators indicates that SHIB is stable even though it could move further in either direction.
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Support and resistance levels
Going forward, Shiba Inu will receive significant support of approximately $0.000017. Resistance is $0.000018 and $0.000019. If the token can surpass these resistance thresholds, it could quickly reach its projected target of $0.000081.
Meanwhile, while there is still room for progress, traders and investors should continue to watch price activity closely as SHIB’s next steps could confirm a breakout or trigger further consolidation. However, given past trends and promising-looking technical hints, it may only be a matter of time before SHIB explodes to significant value soon.
Featured image from Pexels, chart from TradingView