This article is also available in Spanish.
Shiba Inu (SHIB)’s lack of upward momentum in terms of price performance has not stopped the crypto community from losing faith in the meme coin. Recently, popular analyst Javon Marks shared a bullish outlook for the meme-based cryptocurrency.
this Overview The announcement made by Marks comes at a time when SHIB is currently going through a bearish phase, although SHIB is not alone in this downturn as several other prominent coins such as Dogecoin (DOGE), PEPE, and dogwifhat (WIF) have also seen significant drops in value.
Related reading
Why SHIB stock is expected to rise 480%?
According to Marks, SHIB stock has confirmed several bullish patterns in recent price action, especially through the Relative Strength Index (RSI).
These bullish patterns in the RSI, as the analyst highlighted, indicate a strong potential for a major recovery, with Marks predicting that SHIB stock will see a 231% rise to reclaim its 2024 highs.
Moreover, the prediction doesn’t stop there – Marks believes that if SHIB continues on this path, the cryptocurrency could surge by over 480% to reach a price target of $0.000081.
Marx’s analysis particularly highlights the presence of a hidden bullish divergence pattern, which is a bullish signal in technical analysis.
This pattern occurs when the price of a cryptocurrency is making lower lows, while its momentum indicator, such as the RSI, is showing higher lows.
Essentially, this divergence indicates weak selling pressure, and a potential price reversal is on the horizon. For SHIB stock, this could mean a major upward move in the near future.
Shiba Inu’s Bearish Performance and Ecosystem Developments
Despite these optimistic forecasts, Shiba Inu continues to experience a downward trend in its market performance. Over the past week, Shiba Inu has seen a 7.4% decline, and the downward trend continues, with the meme coin dropping an additional 0.6% in the last 24 hours.
At the time of writing, SHIB is trading at $0.00001326. It is worth noting that while the price of SHIB has been declining, the development team behind the cryptocurrency continues to move forward in improving the ecosystem.
Recently, the Shiba Inu team It was announced Launch of the ShibDev portal, which aims to “enhance” the capabilities of developers working on Shibarium, Shiba Inu’s layer 2 blockchain.
LucieSHIB, the project’s lead marketer, emphasized that the portal provides essential tools for developers, including API management and node access, which are essential for building decentralized applications (dApps) on Shibarium.
— Lucy Shipp (@LucieSHIB) September 5, 2024
This latest update is seen as a positive step towards strengthening the Shiba Inu ecosystem, with the potential to attract more developers and projects to the platform.
By expanding its utility and attracting a wider range of decentralized applications, SHIB may see renewed interest and demand, which could drive its price higher.
The long-term success of SHIB can be linked to these developments in the ecosystem, as it aims to differentiate the token from other meme coins by providing tangible use cases and utility through the growth of Shibarium.
Featured image created using DALL-E, chart from TradingView