Despite Shiba Inu’s relatively weak performance in recent weeks, it appears that the coin may be on the verge of a trend reversal soon.
Analysts have explained how SHIB could reach a new high in 2024. Although it has been stuck in a consolidation period, there are reasons to be optimistic that a turnaround could be imminent.
The ongoing declines in the cryptocurrency market have not helped the second-largest meme coin by market cap. Bitcoin led the way, falling below $57,000 on Friday. Moreover, concerns have emerged that Bitcoin could target a drop to $50,000 in September. However, SHIB may be one of the few assets that could potentially buck the current bear market trend
Shiba Inu Targeting 2024 Rally? Analyst Strongly Believes So
The cryptocurrency market has been on a downward spiral since August. The market struggled to recover from a flash crash at the beginning of the month. Additionally, macroeconomic pressures haven’t helped matters. Now, with the Federal Reserve likely to cut interest rates from a 23-year high this month, things may be about to change.
One asset that could benefit from this shift is Shiba Inu. The coin has suffered significantly this week. It has fallen more than 7% in the past seven days, and about 3% in the past month, according to CoinMarketCap. It has seen a 3.5% drop in the last 24 hours, leaving it trading below $0.000013.
However, this shift may be imminent. Shiba Inu could see a significant reversal, according to one analyst who predicts SHIB will hit a new high in 2024. In fact, Javon Marks took to X (formerly Twitter) to share his opinion on why he is bullish on the meme coin.
Marks notes that SHIB has “confirmed several bullish patterns” recently. Specifically, the Relative Strength Index (RSI) shows that the coin is looking to “retrace 231% to 2024 highs,” which would lead to a significant upside for the coin.
Marks believes that there is more to come for SHIB. In the post, he predicted that the coin will target a rise to $0.000081 with a hidden bullish divergence pattern. Although this is highly optimistic, it is not out of the realm of possibility. However, if it breaks the support at $0.00013 which coincides with the 0.618 Fib level, there could be further increases ahead. Moreover, it could surpass its yearly high of $0.000035 achieved in March.
