Recently, despite a slight drop of 1.30% in the past week, market analysts remain optimistic about the prospects of Shiba Inu (SHIB), believing that the meme coin is expected to rebound to a six-month high. This optimistic forecast is based on positive signals from multiple market indicators and technical analysis.
Market Dynamics and Price Trends
Currently, SHIB is trading at around $0.00001325, showing a slight correction on the weekly chart. However, since hitting a low of $0.00001231 in early September, SHIB has managed to climb to a local high of $0.00001411, a performance that suggests a rebound may be brewing in the market.
Well-known cryptocurrency analyst Johnsy Crypto boldly predicted that SHIB will break through the existing downward trend, with a target price of $0.00003420, which is nearly twice the growth space of the current price. Johnsy pointed out that SHIB is forming a descending wedge breakout pattern on the daily chart, which is a typical bullish reversal signal, indicating that the downward momentum is weakening and the buyer's power is gradually increasing.
Market Sentiment and Technical Analysis
In terms of market sentiment, there are several signs that SHIB is turning around. First, SHIB's financing rate has remained basically positive over the past week, especially the latest 0.003% index, which reflects that long investors are in the ascendant and are willing to hold positions at a premium, indicating expectations of price increases.
Secondly, SHIB's price Daa difference (a measure of supply and demand) is also showing a positive trend, currently up to 10.83%, showing the continued growth of network demand and potential adoption. Although this growth has not yet been fully reflected in the price, it has laid a solid foundation for SHIB's future growth.
In addition, the changes in net foreign exchange flows are also worth noting. Although SHIB’s net flows have been mostly negative in the past month, this may reflect investors’ behavior of transferring assets from exchanges to cold wallets, further strengthening the market’s confidence in SHIB’s long-term value.
Outlook and resistance levels
Based on the current market conditions and technical analysis, SHIB seems ready for a round of upward movement. The first goal is to break through the major resistance level of $0.00001483, which will be a key step to confirm its upward trend. Once successfully broken, SHIB is expected to rise further to higher prices such as $0.00001772.
Although SHIB has experienced fluctuations and declines in the past, current market sentiment, technical analysis and fundamental factors all point in a positive direction. Investors should pay close attention to market dynamics and seize potential investment opportunities. However, please note that the cryptocurrency market is highly volatile and investment decisions should be based on sufficient market research and risk assessment.
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