Shiba Inu Price Forecast: Analysts Confident of 480% Surge to $0.000081
Shiba Inu [SHIB], the second most popular meme cryptocurrency based on market capitalization, has shown a notable recovery in its price over the last month.
At the time of writing, SHIB was being traded at $0.0000135, reflecting a 14.21% increase in the last month. The meme token has observed modest gains on a daily basis, with a 2.31% rise over the past 24 hours.
In the previous seven days, SHIB experienced a decrease, with the meme coin dropping by 4.41% on a weekly basis.
Despite these recent gains, SHIB still remains below its previous high of $0.00001612 from 10 days ago. Additionally, the meme coin is currently 84.52% below its all-time high of $0.00008616.
Given the current price increase and market conditions, experts are predicting further gains. Notably, renowned crypto analyst Javon Marks has forecasted a 231% recovery and an impressive bull run of 480%.
Analysis of Market Sentiment
In his evaluation, Marks highlighted a hidden bullish divergence, setting the stage for a potential 480% surge for the meme coin to reach $0.000081.
According to this analysis, the prices have consistently formed higher lows while the Relative Strength Index (RSI) has demonstrated lower lows.
Marks shared this analysis on X (formerly Twitter), indicating that,
“$SHIB (Shiba Inu)’s prices have recently confirmed multiple bullish patterns with the RSI that can be calling for a massive, over 231% recovery back to 2024 highs but that may only be part of the process as prices hold well-broken out with the $0.000081 target still in play.”
Notably, the RSI has been marking lower lows over the past two months, reaching 29 in July and 36 in August. This suggests that according to Marks, SHIB could achieve a 213% increase and reach previous highs, ultimately aiming for a 480% surge close to its all-time high.
Insights from SHIB’s Charts
Despite the positive outlook provided by Marks, what do other metrics suggest?
Initially, the Funding Rate for Shiba Inu, aggregated across different exchanges, was positive at 0.003352% currently. This indicates that long positions were compensating short-position sellers to retain their positions.
This demonstrates that investors are optimistic about an increase in SHIB’s price, showcasing a positive market sentiment and a bullish signal. Consequently, most traders were opting for long positions and were even willing to pay premiums to maintain their positions.
Furthermore, the exchange netflow for Shiba Inu was in the negative zone, signifying that withdrawals from exchanges were surpassing deposits. This suggests that investors were transferring their cryptocurrency to personal wallets for long-term holding.
This trend not only indicates reduced selling pressure but also portrays investor confidence in the meme coin. As a result, this serves as another bullish signal, indicating that investors anticipate a price surge in the coming days.
Therefore, considering the current market environment, SHIB seems poised for further price increases. If the positive market sentiment persists, SHIB is likely to challenge the resistance level at $0.00001483 in the near term.
A breakthrough above this level could strengthen the meme coin’s position and potentially lead it towards the $0.000017 resistance level.