Shiba Inu (SHIB), the second-largest memecoin by market cap, is making waves with its recent price recovery. Over the past 30 days, SHIB has surged by 14.21%, trading at $0.0000135 as of this writing. This rise follows a challenging period for the memecoin, which saw a 4.41% dip over the past week before rebounding. While SHIB is still 84.52% below its all-time high (ATH) of $0.00008616, the latest price action has analysts optimistic about the future.
A Bull Run On The Horizon?
Crypto analyst Javon Marks is particularly bullish on SHIB’s potential. Marks has predicted that SHIB could witness a 231% recovery, with a chance of a 480% surge. In his analysis shared via X (formerly Twitter), Marks pointed out that the memecoin is showing signs of a hidden bull divergence. He noted that while SHIB’s prices have consistently made higher lows, the Relative Strength Index (RSI) has been making lower lows over the past two months.
For instance, in July, the RSI dropped to 29, while in August, it hit 36—signs that SHIB may be primed for a significant breakout. Marks believes SHIB could hit a 213% recovery, paving the way for new 2024 highs and pushing towards its ATH.
Technical Indicators – Funding Rates and Netflow
Beyond Marks’ optimistic outlook, other technical indicators also point to a bullish scenario for Shiba Inu. At press time, SHIB’s funding rate, aggregated across exchanges, stood at a positive 0.003352%. This means that investors holding long positions are paying premiums to short sellers, signaling confidence in SHIB’s price growth.
Additionally, SHIB’s exchange netflow is in the negative, indicating that more SHIB is being withdrawn from exchanges than deposited. Investors are moving their holdings to private wallets, a strong signal of reduced selling pressure and increasing long-term confidence in the asset. In essence, traders are betting that SHIB’s price will rise, supporting a bullish market sentiment.
Resistance Levels and Market Sentiment
Shiba Inu is currently facing a critical resistance level at $0.00001483. If SHIB can break through this barrier, analysts suggest that the memecoin could push toward the $0.000017 mark. Market sentiment remains largely positive, with investors eyeing further gains in the near future.
Also Read: Shiba Inu poised for a 231% surge – Analyst predicts 2024 high
As SHIB’s funding rates and exchange netflows suggest bullish momentum, it’s clear that investor confidence is strong. If this trend holds, SHIB could be well-positioned to challenge higher resistance levels and potentially experience the explosive growth that analysts like Javon Marks are predicting.
With positive market sentiment and technical indicators pointing toward potential growth, Shiba Inu is set for a promising future. If SHIB can maintain its upward trajectory, a 480% surge is not out of the question, positioning the memecoin to make significant gains in 2024.
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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