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Shiba Inu (SHIB) is gaining attention for its strong performance and potential for future expansion as 2024 comes to a close. SHIB has managed to attract the interest of both investors and cryptocurrency enthusiasts, as it is currently trading at $0.00002566.
The memecoin’s technical signals show a marked readiness for a significant rally, generating expectations of notable increases in the coming weeks.
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Superficial positive indicators for the Shiba Inu
Referring to the Shiba Inu on X, cryptocurrency expert Javon Marks expressed hope, noting that the value of SHIB could rise significantly.
From what he’s seen, SHIB has already grown 162% in the past few months, and that growth is likely to continue. One of the main things that supports this statement is the Hidden Bullish Divergence, which is a technical pattern that shows that price action is about to occur.
$SHIB The Shiba Inu appears to be in some of its best positions in years, holding up well and rising over 162% since then, while also showing hugely positive reactions to the recent hidden bullish divergence!
This divergence could indicate a move of more than 75% above the 2024 highs, but… https://t.co/pKDT2dWaUn pic.twitter.com/0L7gwCcSAf
-Javon ⚡️ Marks (@Javon TM1) November 26, 2024
The trend basically shows that while SHIB price was producing lower lows, the Relative Strength Index (RSI) was producing higher lows even during the consolidation phase. This indicates increasing optimistic pressures.
Price fluctuations and short-term growth
In the near term, SHIB has seen significant price fluctuations. Last week, its price rose by 3.35%, and last month it rose to about 54%. These increases show that the “joke coin” is gaining a lot of strength. However, the flight is not completely uneventful.
Despite the positive development in the short term, SHIB’s price has fallen by 4.08% over the past six months, indicating significant volatility.
Analysts warn that short-term profit-taking following recent developments may hamper the memecoin’s price movement as it develops. However, SHIB has great potential to grow further thanks to strong support from growing ecosystem projects and the community.
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Important price levels to watch
Key price levels have a significant impact on the future moves of people holding SHIB or considering entering. Expert research says that the $0.000081 level is the first important resistance point. If this level is broken, the price could rise by 215%.
SHIB stock is also trading 3.20% below what it is expected to be worth in a month, indicating that prices may rise in the short term. The next target could be $0.00000900 if SHIB breaks the support at $0.00000850.
The currency is expected to witness a A 102% increase over the next six months For long-term investors, a 92% increase followed the following year, data from CoinCheckup shows.
Technical indications point to a potential breakout and a strong long-term outlook, so the Shiba Inu may be ready for a new phase of development. Investors should keep a close eye on current levels as memecoin offers great prospects in the not too distant future.
Featured image from Pixabay, chart from TradingView