Well-known market analyst Javon Marks attracted attention in the cryptocurrency markets by predicting a significant price increase for the Shiba Inu. Marks emphasizes that the Shiba Inu has managed to hold on above a certain resistance level despite recent declines. In his updated analysis report, Marks specifically discussed Shiba Inu's past performance and technical indicators in detail.
Dropping from its all-time high of $0.00008845 in October 2021, the Shiba Inu had remained below a resilient downtrend line for 448 days. However, in January 2023, SHIB managed to break this downtrend resistance by rising to $0.00001575. According to Marks' analysis, this rise brought the Shiba Inu to renewed attention in the market, and since then SHIB has continued to trade steadily above the resilient trend line.
Another important point emphasized by Marks is the impact of the general turmoil in the markets since June 2023 on the performance of the Shiba Inu. SHIB, which has experienced a decrease of up to 40% especially since June, caused a significant decrease in investor perception in this process. However, as Marks noted in his analysis, Shiba Inu is still trading above a key trend line, indicating that Marks expects positive price performance for SHIB in the coming period.
Despite the overall uncertainties in the market, Marks believes that Shiba Inu's technical indicators and past performance support the future potential of the cryptocurrency. In his latest analysis, he emphasized that SHIB staying above the resistant trend line could create a positive momentum in its prices in the near term. This may increase investors' confidence in the Shiba Inu and be perceived as a bullish signal in the market again.
The analyst sets two targets for meme coin following the expected recovery. The first target is based on the $0.000081 level. Marks noted that the $0.000081 level, which would require an increase of over 400% in the SHIB price, has not changed. He had previously set this goal in mid-June and expressed his belief that it would be achieved.
Marks set the second target at $0.0001553; This essentially marks an all-time high price for the Shiba Inu. SHIB is currently trading at $0.00001595. However, SHIB needs to break above immediate resistance levels before pursuing these larger targets. Shiba Inu continues to battle the bears at $0.000016, while the first major resistance lies at $0.00001667.
CryptoQuant data shows that SHIB's RSI is at 46, while the Stochastic RSI is at 55. These figures show that SHIB is neither overbought nor oversold, indicating potential consolidation. The recent pause in price declines and the slight increase before consolidation indicate a possible change in momentum. However, this still remains unclear.
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