Shiba Inu (SHIB) lack of bulls in terms of price performance hasn’t stopped the crypto community to lose faith in the meme coin. Recently, renowned analyst Javon Marks shared an optimistic outlook for the meme-based cryptocurrency.
This outlook shared by Marks comes at a time when SHIB is currently going through a bearish phase, although SHIB is not alone in this bearishness as several other notable meme coins such as Dogecoin (DOGE), PEPE and dogwifhat (WIF) has also seen major plunge in value.
Why Is A 480% Rise Ahead For SHIB?
According to Marks, SHIB has confirmed several bullish patterns in its recent price action, particularly through the Relative Strength Index (RSI).
These bullish patterns in its RSI, as highlighted by the analyst suggest a strong potential for a significant recovery, with Marks projecting that SHIB could witness a 231% rally to reclaim its 2024 highs.
Moreover, the forecast doesn’t stop there—Marks believes that if SHIB continues on this trajectory, the cryptocurrency could surge by over 480% to hit a price target of $0.000081.
Marks’ analysis particularly highlights the presence of a hidden bull divergence pattern, which is a bullish signal in technical analysis.
This pattern occurs when a cryptocurrency’s price is making lower lows, while its momentum indicator, such as the RSI, shows higher lows.
Essentially, this divergence indicates that the selling pressure is weakening, and a potential reversal in price is on the horizon. For SHIB, this could mean a significant upward movement in the near future.
Shiba Inu’s Bearish Performance and Ecosystem Developments
Despite this optimistic forecast, Shiba Inu has continue to experience a bearish trend in its market performance. Over the past week, SHIB has seen a decline of 7.4%, and the downtrend has continued, with the meme coin dropping by an additional 0.6% in the last 24 hours.
At the time of writing, SHIB is trading at $0.00001326. Notably, while SHIB’s price has been on the decline, the development team behind the cryptocurrency continues to push forward with ecosystem improvements.
Recently, the Shiba Inu team announced the launch of the ShibDev Portal, aimed at “enhancing” the capabilities of developers building on Shibarium, Shiba Inu’s Layer-2 blockchain.
LucieSHIB, the project’s lead marketer, highlighted that the portal provides essential tools for developers, including API Management and Node Access, which are crucial for building decentralized applications (dApps) on Shibarium.
https://t.co/zoPuR997MF
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 5, 2024
This latest update is seen as a positive step towards strengthening Shiba Inu’s ecosystem, with the potential to attract more developers and projects to the platform.
By expanding its utility and attracting a broader range of dApps, SHIB could see renewed interest and demand, potentially driving its price upward.
The long-term success of SHIB could be tied to these ecosystem advancements, as they aim to differentiate the token from other meme coins by providing tangible use cases and utility through Shibarium’s growth.
Featured image created with DALL-E, Chart from TradingView
Source: NewsBTC.com
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