Shiba Inu (SHIB) is attracting attention due to its strong performance and potential for expansion in the future as 2024 approaches. SHIB has gained interest from both investors and cryptocurrency enthusiasts, as it is currently trading at $0.00002566.
Technical signals for the meme coin indicate a notable preparation for a major price surge, creating expectations for significant gains in the upcoming weeks.
Positive indicators Surface for Shiba Inu
Regarding Shiba Inu on X, cryptocurrency expert Javon Marks expressed hope and noted that the value of SHIB could skyrocket.
According to what he sees, SHIB has grown by 162% in the past few months and this growth is likely to continue. One of the key factors supporting this claim is Hidden Bullish Divergence, a technical pattern indicating imminent price volatility.
The trend essentially shows that while SHIB's price is making lower lows, the Relative Strength Index (RSI) has made higher lows even during the consolidation phase. This indicates increasing bullish pressure.
Price volatility and short-term growth
Recently, SHIB has experienced significant price fluctuations. In the past week, its price has increased by 3.35% and in the past month, it has risen by about 54%. These gains indicate that the 'meme coin' is rallying strongly. However, the journey hasn't been entirely smooth.
Despite favorable short-term developments, the price of SHIB has decreased by 4.08% over the past six months, indicating significant volatility.
Analysts warn that taking short-term profits after recent developments could hinder the price fluctuations of the meme coin as it grows. However, SHIB has great potential for further development with strong support from its ecosystem projects and growing community.
Key price levels to watch
Key price levels significantly impact future moves for those holding SHIB or considering participation. Expert research indicates that the $0.000081 level is the first critical resistance point. If this level is broken, the price could increase by 215%.
Additionally, SHIB is trading 3.20% lower than its expected value in a month, indicating that the price could rise in the short term. The next target could be $0.00000900 if SHIB breaks through the support level at $0.00000850.
Data from CoinCheckup shows that this coin is expected to increase by 102% in the next six months for long-term investors, followed by a 92% increase in the following year.
Technical clues suggest a breakthrough possibility and strong long-term forecasts, thus Shiba Inu may be poised for a new growth phase. Investors should closely monitor current levels as the meme coin presents significant prospects in the near future.
