Shiba Inu Recovery To $0.000081 ATH Levels Still In Play
07 September 2024 - 2:00AM
NEWSBTC
Meme coin Shiba Inu now finds itself trading between a narrow range
of $0.000013 on the support side and $0.00001370 on the resistance
side in the past 48 hours. This consolidation price action has
emerged after a decline that saw SHIB fall from $0.00001600 in the
last week of August. This notable decline has culminated with SHIB
bouncing off support at $0.000013, which coincides with the 0.618
level on the Fibonacci extension indicator within a bearish trend
that has persisted since April. While Shiba Inu has continued to
battle this larger bearish trend on the monthly timeframes, crypto
analysts are confident of a SHIB break to the upside. According to
several technical experts, the fact that SHIB has maintained
support at this crucial level without breaking lower is seen as a
sign of resilience. Particularly, crypto analyst Javon Marks is
confident of a SHIB recovery back to 2024 highs, especially as the
meme coin has confirmed multiple bullish patterns with the RSI
indicator. SHIB Recovery Still In Play Javon Marks’ analysis was
noted in a social media post on X as an update to an ongoing SHIB
analysis that dates back to September 2023. One of the key
technical signals contributing to the analyst’s optimism is the
Relative Strength Index (RSI), which has shown signs of bullish
divergence. Related Reading: Litecoin Looks Poised To Explode
As Grayscale Buys 10,000 LTC The RSI is a momentum indicator that
measures the strength and speed of price movements. In SHIB’s case,
the RSI, which has fallen massively from an overbought zone in
April, recently retested its lowest point in the first quarter of
2024. According to Marks’, this retest is bullish for SHIB and is a
massive sign for the resumption of overbought momentum. This
momentum, in turn, would see SHIB rallying over 231% from the
current price level to retest its $0.00003629. With the attainment
of a new yearly high, this would open the doors for a continued
rally close to SHIB’s all-time high. Looking ahead, Marks remains
steadfast in his long-term target for SHIB, which he initially
outlined in his first technical analysis back in September 2023.
According to him, “the $0.000081 target is still in play.”
The $0.000081 price point has been a central focus of Marks’
analysis since his initial coverage of SHIB’s price analysis. To
get to this price, SHIB would need to perform a 480% increase from
the current price level. Current State Of Shiba Inu At the time of
writing, SHIB is trading at $0.0000132. SHIB continues to steadily
attract investor interest, with whale activity recently seeing a
drastic increase. According to analysts at Santiment, the interest
surrounding meme coins, including SHIB, has been really quiet in
the past few weeks. Related Reading: Bitcoin Forecast: BTC Price
Could Crack $50,000 If This Important Level Does Not Hold Santiment
analysts believe that the low levels of activity and reduced market
excitement could be signs that SHIB is approaching a bottom and
laying the groundwork for a potential rebound. Featured image
created with Dall.E, chart from Tradingview.com
Optimism (COIN:OPUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Optimism (COIN:OPUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024