Optimism towards the famous dog-themed coin, Shiba Inuis gaining momentum after a recent price recovery at the beginning of the week due to positive market sentiment. Despite the recent price fluctuations, many analysts are confident that SHIB can still rise in the short term.
The Shiba Inu is seeing a major bullish breakout
Market expert and enthusiast Javon Marks reaffirmed his bullish trend prediction For the Shiba Inu, which confirms that the meme’s path towards the $0.000018 level remains firmly in place. This positive outlook is consistent with… Alternative currency Overall optimism in the market, as SHIB’s recent consolidation phase may serve as the basis for the expected breakout towards the target level.
The analyst’s forecast is based on a confirmed breakout from key bullish patterns and technical indicators, suggesting that SHIB is on the path to an upside in the near term. According to the expert, on the daily chart, Shiba Inu maintained its breakout and verified the bullish pattern using the Relative Strength Index (RSI). Therefore, the overall goal of SHIB remains at $0.000081.
Javon Marks also emphasized that the meme’s next leg towards the aforementioned price level is further consolidated by a breakout from the falling wedge pattern, demonstrating his confidence in the Shiba Inu’s potential.
A falling wedge is a technical chart pattern that forms during a downtrend and indicates a potential price reversal. It is a bullish chart pattern characterized by two converging trend lines sloping downward, reflecting a decrease in volatility and a decrease in the price range.
Given that the falling wedge formation indicates the possibility of an optimistic price reversal, Javon Marks’ forecast indicates that Gray It may be preparing for a rebound that could oversee the next price hike.
Meanwhile, investors and traders are closely watching for further confirmation of the chart formation and SHIB’s progress as… Same angle It breaks through several crucial resistance levels on its way to the expected price mark of $0.000081.
150% to 200% price hike in effect for SHIB?
Recent price action of Shiba Inu It continues to attract bold predictions from cryptocurrency analysts. Another market expert and investor, World of Charts, after examining the current price performance of SHIB, believes that the meme coin could see a rally of almost 200%.
The world of graphics Highlight The consolidation of the bullish SHIB logos below the critical falling wedge trend line means that the meme coin is on the verge of a massive breakout.
If SHIB succeeds in breaking through, the expert is confident that the development could lead to a price rise of between 150% and 200% in the near term. This prediction is part of greater market optimism towards SHIB as it navigates key technical patterns expected to reinforce its move to pivotal levels.
Featured image from Unsplash, chart from Tradingview.com
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