SHIB Price Will Soar 40%, What Makes This Analyst Confident?

Bittime - Shiba Inu (SHIB), the second largest memecoin by market capitalization, showed significant price recovery in the last 30 days. 

According to the latest data, SHIB is trading at $0.0000135, which registers an increase of 14.21% in the last month. However, what makes analysts believe that SHIB could surge by 40% or even more?

SHIB Price Movement Trends

Over the past month, SHIB has experienced positive movement with a daily increase of 2.31%. However, before this rise, SHIB saw a decline of 4.41% in the weekly chart. 

Despite this, the memecoin is still 84.52% below its all-time high (ATH) of $0.00008616 reached some time ago.

Renowned analyst Javon Marks predicts a price recovery of 231%, with a potential bull run of up to 480%. Marks estimates that SHIB price could return to the $0.000081 level, almost close to its ATH.

Read also: How to Claim Airdrop Grass: Simple Steps to Get Free Crypto

SHIB Technical Analysis

Source: TradingView

In an analysis shared via the X platform (formerly known as Twitter), Marks noted that there is bullish divergence hidden 

This can be seen from the SHIB price which continues to print higher lows (higher low) while the Relative Strength Index (RSI) indicator registers lower lows (lower lower).

SHIB's RSI fell to a low of 29 in July and 36 in August. This decline in the RSI was accompanied by strengthening prices, which, according to Marks, is an indication of the potential for a large spike of up to 213% in 2024. 

If this is achieved, SHIB could record a rise of up to 480%, approaching its ATH.

Favorable Market Sentiment

Apart from technical analysis, market sentiment also supports the prediction of a SHIB price increase. Based on data from various exchanges, SHIB funding rate is positive at 0.003352%. 

This shows that position long pay position short to stay afloat, an indication that many investors believe the price of SHIB will continue to rise.

Furthermore, netflow SHIB on exchanges is showing a negative number, which means more SHIB is being withdrawn from exchanges to be stored in personal wallets. 

This reflects reduced selling pressure and increased investor confidence in SHIB's future.

SHIB Price Outlook

With favorable market conditions, SHIB has the potential to reach the $0.00001483 resistance level in the near term. 

If SHIB manages to pass this level, then the next target will be at the level of $0.000017, which will be an important momentum in the upward journey of this memecoin price.

In conclusion, both from technical analysis and market sentiment, there are many factors that support the prediction of a SHIB price increase of up to 40% or more. 

If these positive conditions continue, SHIB could become one of the digital assets to watch in the coming months.

Conclusion

With the support of market sentiment and strong technical patterns, analysts like Javon Marks are optimistic that SHIB will experience a significant price increase in the near future. 

For investors who already hold SHIB or are planning to enter the market, this could be the right moment to keep an eye on the next movement of this memecoin.

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