Shiba Inu (SHIB) has gotten the attention of market analyst Javon Marks due to its recent price action. Despite a broader market decline that saw SHIB’s value plummet by 40% since June, Marks maintains a bullish outlook on the token.
His optimism stems from SHIB’s ability to hold above a key resistance level, a trendline that had previously restricted the token’s price for nearly 448 days. This resistance level was established following SHIB’s fall from its all-time high of $0.00008845 in October 2021.
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The significance of this trend break lies in its potential to signal a reversal in SHIB’s price trajectory. While the recent market turbulence has instilled bearish sentiment, Marks emphasizes that SHIB’s continued holding key resistance level indicates the possibility of a return to an uptrend.
Furthermore, Marks establishes two potential price targets for SHIB based on his bullish forecast. The first target sits at $0.000081, a price point representing a 405% increase from SHIB’s current value. This target aligns with a prediction shared by Marks in mid-June, demonstrating his unwavering conviction in its attainability.
Should SHIB surpass the initial target, a more ambitious target could emerge: a new all-time high of $0.0001553. Reaching this target would necessitate an impressive over 870% increase from the current price.
However, achieving these targets hinges on SHIB’s ability to overcome immediate resistance levels. The token currently faces a hurdle at $0.000016, with the first major resistance point situated at $0.00001667. A decisive break above this level could pave the way for SHIB to reach the 38.2% Fibonacci retracement level of $0.00001912.
For a sustained push towards $0.00001912 to materialize, bulls (investors expecting a price increase) need to establish a firm closing price above the 20-day Simple Moving Average (SMA) of $0.00001697.
It’s important to note that analyst Santana offers a contrasting viewpoint. While acknowledging the possibility of a short-term price increase for SHIB, Santana predicts a final decline before the token embarks on a recovery path.
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Technical indicators from CryptoQuant, offer some insight into the token’s current state. SHIB’s Relative Strength Index (RSI) sits at 43, while its Stochastic RSI is at 61. These values indicate that SHIB is neither overbought nor oversold, suggesting a potential period of consolidation. The recent halt in price decline followed by a slight rise before consolidation hints at a possible shift in momentum, although future price movements remain uncertain.
SHIB’s ability to hold above a key resistance level and the establishment of bullish targets paint an optimistic picture for the token’s future. However, overcoming present resistance levels and navigating broader market trends will be crucial for SHIB to achieve its predicted price targets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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