Shiba Inu (SHIB), the parody coin that made headlines in 2021, has reignited investor interest. Based on examination by crypto expert Javon Marks, the token recently emerged from a declining wedge formation, which could suggest that a substantial price increase is near.
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Marks estimates that SHIB could rise 342% and reach $0.000081, a level not seen since the 2021 bull run. If current trends continue, the canine-inspired digital asset could see a significant price turnaround.
After this milestone, the future of SHIB price looks promising. According to estimates, if the token reaches $0.00001794 in 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 reveals a balanced mood in the market and correlates well with cautious optimism regarding the change in SHIB Price. Lately, in the last 30 days, SHIB has been green for half of the days, 15, and this also supports further development in the future.
$SHIB (Shiba Inu) –
Are you prepared for $0.000081!?
With SHIB breaking out of a recent falling wedge pattern and a much higher resistance trend (not pictured), a 342%+ run from here to this could happen ASAP, and this falling wedge breakout can only help triggering the process 🧨! 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, which is a chart pattern in technical analysis that typically tends towards a strong bullish reversal. As such, this specific 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, with SHIB falling from the yearly high of $0.000045. According to Marks, it could be the breakthrough that pushes the token towards $0.000081.
Key indicators point to strength
Momentum may be emerging as SHIB trades around $0.00001785 with higher lows persisting. Additionally, the token’s 50- 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 in a long-term uptrend despite being trading below its 50-day SMA, which is generally a sign of low. . The confluence of these indicators indicates that SHIB is stable, although it is possible to move in either direction.
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Support and resistance levels
Looking ahead, Shiba Inu has important support around $0.000017; resistance at $0.000018 and $0.000019. If the token manages to surpass these resistance limits, it could quickly reach the predicted target of $0.000081.
However, there is still room for development, but traders and investors should continue to watch price activity closely because SHIB’s next moves could validate the breakout or trigger further consolidation. However, considering past trends and technical tips that seem hopeful, it may only be a matter of time before SHIB explodes into significant value soon.
Featured image from Pexels, chart from TradingView