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Shiba Inu (SHIB), the satirical coin that made headlines in 2021, has reignited investor interest. Based on the examination of cryptocurrency expert Javon Marks, the token recently emerged from a declining wedge formation, which could indicate that there is a significant price increase in the near future.
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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 dog-inspired digital asset could see a major price shift.
After this important break, SHIB’s price future 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 situation at a neutral 50 level for the Fear and Greed Index reveals a balanced state of mind in the market and correlates well with cautious optimism about the change in… Ship price. Recently, in the last 30 days, SHIB has been in the green for half a day, 15 days, which also supports further future development.
$SHIB (Shiba Inu) –
Are you ready for $0.000081!?
With SHIB breaking the recent falling wedge pattern and heading into much larger resistance (not pictured), a 342+% rally could happen from here to there in no time, and this falling wedge break may only help spark the process 🧨! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N
-Javon ⚡️ Marks (@Javon TM1) October 11, 2024
The force of the 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 trends with a strong bullish reversal. As such, this particular pattern, where the lows are lower and the highs are lower, has proven to be a catalyst for breakouts.
In March 2024, the pattern was apparently clear, as SHIB fell from a yearly high of $0.000045. According to Marks, this could be the hack that pushes the token to $0.000081.
Key indicators indicate strength
Momentum may emerge as SHIB trades around $0.00001785 with higher lows in progress. In addition, the 50-day and 100-day Exponential Moving Averages (EMAs) are below the current price, indicating an uptrend.
The fact that SHIB is still trading above the 200-day simple moving average (SMA) indicates that it is in a long-term uptrend, despite the fact that it is trading below the 50-day SMA, which is often a bearish signal. . . The confluence of these indicators indicates that the SHIB is stable, although it could move further in any direction.
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Support and resistance levels
Looking ahead, the Shiba Inu has an important support of around $0.000017; Resistance is at $0.000018 and $0.000019. If the token manages to cross these resistance thresholds, it could quickly achieve the expected target of $0.000081.
Meanwhile, there is still room for development, but traders and investors should continue to closely monitor price activity as SHIB’s next steps could confirm the validity of the breakout or lead to further consolidation. However, given past trends and seemingly optimistic technical cues, it may only be a matter of time before SHIB explodes into significant value soon.
Featured image from Pexels, chart from TradingView