Shiba Inu (SHIB), a well-known parody cryptocurrency, is garnering renewed investor interest. Expert Javon Marks highlighted that SHIB has emerged from a declining wedge formation, signaling a possible significant price rise. Marks predicts a 342% surge, reaching $0.000081, mirroring the 2021 bull run.
The digital asset's future looks promising, particularly if it achieves a $0.00001794 price by mid-November 2024, offering a 0.65% immediate gain. Current market sentiment, indicated by a neutral 50 on the Fear & Greed Index, suggests cautious optimism for SHIB's price change.
For the last several months, SHIB was in a falling wedge pattern, which often signals bullish reversals. This trend was clear in March 2024, when SHIB declined from $0.000045, suggesting potential for a breakthrough to $0.000081. Key technical indicators suggest stability and potential for further movement.
The token's 50-day and 100-day EMAs are below its current price, indicating bullish tendencies, while its 200-day SMA shows an uptrend. However, as SHIB trades below its 50-day SMA, caution is advised as it could move in either direction. Its support and resistance levels also suggest further potential for growth.
Traders should watch these indicators closely, as surpassing resistance levels around $0.000018 to $0.000019 could accelerate reaching the $0.000081 target. SHIB's price activity warrants continued observation to confirm a breakout or consolidation, considering previously observed trends and hopeful technical signals.
