Prominent technical analyst Javon Marks has recently shed light on Shiba Inu’s (SHIB) price performance, forecasting a significant surge in the coming months. Despite SHIB’s recent lackluster price action, Marks has identified a key bullish signal that could drive substantial gains.
Marks points out that SHIB’s six-day relative strength index (RSI) has confirmed a major hidden bullish divergence. This technical signal suggests that despite recent bearish trends, a major recovery might be imminent. According to Marks, SHIB could experience an initial upswing of up to 162%, targeting a price of $0.0000456, which would mark a return to its March yearly high.
Should SHIB successfully breach this level, it could pave the way for further price appreciation. The next significant resistance threshold is set at $0.00008, which would require a remarkable 402% increase from its current price of $0.00001591. Marks believes that reclaiming the $0.00008 level could facilitate a more straightforward path to even higher valuations.
Looking further ahead, Marks envisions SHIB potentially reaching $0.0001553, a figure that represents a staggering potential return of 830%. While some analysts have projected a possible surge of up to 1,000%, others remain skeptical about reaching the $0.00015 mark in this cycle, suggesting it may be overly ambitious given current market conditions.
The recent volatility in Bitcoin has significantly impacted SHIB’s performance, contributing to bearish trends in both its weekly and monthly charts. This instability has led to diminished investor confidence and a subsequent decline in SHIB’s price. However, Marks’ analysis indicates a shift towards a bullish trend, which is corroborated by observations from other market analysts. This potential reversal is attributed to increased adoption, improved market conditions, and a growing sense of optimism among investors.
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As the cryptocurrency market evolves, SHIB’s price action will be closely monitored by investors eager to capitalize on any potential gains. The next few weeks will be crucial in determining whether this bullish trend is sustainable and how it will affect SHIB’s long-term prospects.
In summary, Javon Marks’ technical analysis suggests a promising outlook for Shiba Inu, with the potential for significant price increases in the near future. While market volatility and resistance levels will play a role in shaping SHIB’s performance, Marks’ predictions offer an optimistic perspective for investors looking to benefit from potential market shifts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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