The 2021 spoof currency Shiba Inu (SHIB) has piqued the curiosity of investors once more. According to crypto specialist Javon Marks' analysis, the cryptocurrency has broken out of a descending wedge pattern, which might indicate a significant price surge is imminent.
Marks predicts that SHIB may climb 342%, hitting a level not seen since the 2021 bull run, and reach $0.000081. A major price change may be in store for the digital asset with a canine theme if present trends persist.
The price of SHIB seems to have bright prospects after that milestone break. Assuming the predictions come true, the token's immediate value will increase by 0.65% if it hits $0.00001794 in the middle of November 2024.
The Fear & Greed Index is now at a neutral 50, which indicates a balanced market attitude and is consistent with cautious optimism about the SHIB price move. Recently, SHIB has been green for half of the days in the last 30 days, which also bodes well for future growth.
What a Falling Wedge Can Do
In technical analysis, a falling wedge formation often indicates a strong bullish reversal, and SHIB has been displaying this pattern for the last five months. Therefore, breakouts have been triggered by this specific pattern, which has lower lows and lower highs.
The trend was clearly seen in March 2024, when SHIB fell from its annual high of $0.000045. It may be the breakthrough that sends the token soaring to $0.000081, says Marks.
As SHIB continues to trade around $0.00001785 with higher lows, momentum could be on the horizon. Further evidence of bullishness is the fact that both the 50-day and 100-day EMAs of the coin are below its current price.
Despite falling below its 50-day SMA, which is often a negative indication, SHIB is still trading above its 200-day SMA, suggesting an uptrend over the long run. Although SHIB might potentially move further in either direction, the convergence of these indications suggests that it is steady.
Ratios of Support to Resistance
Important support for Shiba Inu prices is around $0.000017, while $0.000018 and $0.000019 serve as resistance in the near future. It is possible that the goal price of $0.000081 will be reached quickly if the token is able to overcome these resistance levels.
There is still space for growth, so traders and investors should keep a careful eye on price action. What happens next for SHIB might confirm the breakout or create more consolidation. However, if we look at historical patterns and promising technical indicators, it might only be a matter of time until SHIB's value skyrockets.