Over 200% Surge Ahead, Analyst Says
As 2024 comes to a close, Shiba Inu (SHIB) is gaining attention for its strong performance and potential for future expansion. SHIB has successfully attracted the interest of investors and cryptocurrency enthusiasts, and it is currently trading at $0.00002566.
The meme coin’s technical signals show significant readiness for a significant move higher, fueling expectations of significant gains in the coming weeks.
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Positive Indicators Surface for Shiba Inu
Cryptocurrency expert Javon Marks expressed hope when referring to Shiba Inu on X, noting that SHIB’s value could soar.
From his observations, SHIB has grown by 162% in the past few months, and this growth is likely to continue. One of the main factors supporting this claim is the hidden bullish divergence, which is a technical pattern that indicates that a price move is about to occur.
$SHIB (Shiba Inu) looks to be in its best position in years, holding on to a good breakout and rising over 162% since, while also showing a mostly positive reaction to the recent hidden bullish divergence!
This divergence could point to over 75% price gains from 2024 highs, but… https://t.co/pKDT2dWaUn pic.twitter.com/0L7gwCcSAf
— JAVON⚡️MARKS (@JavonTM1) November 26, 2024
The trend basically shows that while the price of SHIB has been making lower lows, the Relative Strength Index (RSI) has been making higher lows even during the consolidation phase. This suggests there is growing pressure to be optimistic.
Price volatility and short-term growth
In the short term, SHIB has experienced significant price volatility. Its price increased by 3.35% last week and rose to around 54% last month. These increases indicate that “joke coins” are booming. However, the trip was not without its difficulties.
Despite the good short-term development, SHIB’s price has declined by 4.08% over the past six months, indicating considerable volatility.
Analysts warn that short-term profit-taking following recent gains could hamper the meme coin’s price action. However, with the strong support of the growing ecological projects and the community, SHIB still has great possibilities for further development.
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Important price levels to monitor
For those holding onto SHIB or considering entering, key price levels have a large impact on future moves. Expert research suggests that the $0.000081 level is the first significant point of resistance. If this level is exceeded, the price could rise by 215%.
Furthermore, SHIB is trading 3.20% below its expected value in one month, suggesting that the price may rise in the near term. If SHIB breaks the support at $0.00000850, the next target could be $0.00000900.
The coin is expected to experience 102% growth over the next six months For long-term investors, the second year saw a 92% increase, according to CoinCheckup.
Technical clues point to a possible breakout, and long-term forecasts are strong, so the Shiba Inu may be ready to move into a new phase of growth. Investors should keep a close eye on current levels as meme coins offer great prospects in the near future.
Featured image from Pixabay, chart from TradingView
