According to ShibDaily, Shiba Inu (SHIB) is showing signs of a potential price surge, with predictions suggesting an increase of over 300% from its current value. On Tuesday, Javon Marks, a cryptocurrency analyst, shared insights on X (formerly Twitter) about several bullish technical indicators that could propel SHIB to new heights. Marks noted that Shiba Inu has been in a strong position, having broken out and risen by over 162% recently. He highlighted a "Hidden Bullish Divergence," which indicates increasing buying pressure despite price dips, as a key factor in the potential price increase.
Marks' analysis suggests that this divergence could push SHIB over 75% above its 2024 highs, potentially leading to a 215% increase to a target price of $0.000081. The analysis also pointed out a significant breakout in late 2023/early 2024, followed by consolidation above previous resistance levels, now acting as potential support. This shift in market sentiment is further supported by increased trading volume during the breakout and consolidation phases.
As of early Tuesday morning, Shiba Inu was trading at $0.000025, reflecting a slight decline over the past 24 hours and week. Despite this recent dip, the cryptocurrency has experienced a substantial 47.72% increase in value over the past month. Community sentiment on CoinMarketCap remains largely positive, with 89% of users expressing bullish views on SHIB's future, indicating strong underlying support and belief in its long-term potential.
Shiba Inu currently holds a market capitalization of $14.83 billion and a circulating supply of 589.51 trillion SHIB, maintaining its status as a significant player in the cryptocurrency market. While the recent price decline suggests potential market volatility, the overall bullish sentiment and technical indicators point towards a promising outlook for Shiba Inu. Readers are advised to conduct their research and consult with financial advisers before making investment decisions. This article is for informational purposes only and should not be considered financial advice.
