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Shiba Inu (SHIB), the parody coin that made headlines in 2021, has rekindled investor interest. Based on investigations by crypto expert Jevon Marks, the token recently emerged from a descending wedge formation, which could suggest that a substantial increase in price is about to occur.
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Marks estimates that SHIB could rise by 342% and reach $0.000081, a level not seen since the 2021 rally. If the current trend continues, the canine-inspired digital asset could see a significant price movement.
After breaking that milestone, the future of SHIB’s price looks promising. According to estimates, if the token reaches $0.00001794 in mid-November 2024, there will be an immediate price increase of 0.65%.
The current position of the Fear and Greed Index at neutral 50 reflects a balanced mood on the market and matches well with cautious optimism regarding change. shib priceRecently, in the last 30 days, SHIB has been beating for half, 15 days, and that also supports future growth.
$SHIB (Shiba Inu) –
Are you ready for $0.000081?
With SHIB’s recent falling wedge pattern broken and a very large (unreleased) resistance trendline, a run to over 342% could happen as soon as possible from here, and this falling wedge break could only help start the process 🧨! pic.twitter.com/eefYqFGg1N
– Javon✔️Marks (@JavonTM1) 11 October 2024
power of a falling nail
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. Thus, this particular pattern, where lows are lower and highs are lower, has proven to be a trigger for breakouts.
In March 2024, the pattern was clearly evident, as SHIB fell from the yearly high of $0.000045. According to Marks, this could be the breakthrough that pushes the token to $0.000081.
Key indicators point to strength
Momentum may emerge as SHIB is trading around $0.00001785 with consecutive higher lows. Additionally, the token’s 50-day and 100-day exponential moving averages (EMA) are below the current price, indicating bullishness.
The fact that SHIB is still trading above its 200-day simple moving average (SMA) shows that it is in a long-term bullish trend, despite the fact that it is below its 50-day SMA. is trading below, which is often a bearish signal. , The confluence of these indicators indicates that SHIB is stable, although it is possible for it to move in either direction.
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support and resistance levels
Looking ahead, Shiba Inu has important support around $0.00017; Resistance at $0.000018 and $0.000019. If the token is able to overcome these resistance lines, it could rapidly achieve the estimated target of $0.000081.
In the meantime, there is still room for growth, but traders and investors should keep a close eye on price action as SHIB’s next moves could validate the breakout or trigger even more consolidation. Yet considering past trends and technical signals that look promising, it may just be a matter of time before SHIB explodes in significant value soon.
Featured image from Pexels, chart from TradingView
