Market Analysis of Shiba Inu (SHIB)

Market analyst Javon Marks projects a potential 480% surge for Shiba Inu (SHIB), setting a price target of $0.000081. Marks’ ambitious projection follows SHIB’s recent price movements above a key resistance trendline, with some analysts even forecasting a rise to $0.00015.

As of press time, SHIB trades at $0.00001320, a blip of 3% over 24 hours. Trading volume is on the rise for the same timeframe, a 41% surge to $280 million, with a market cap at $7.9 billion. This mixed market sentiment reflects the ongoing fight between bulls and bears.

Price Momentum and Key Levels to Watch

The price path of SHIB has shown a consistent upward trend. The token moved from a low of $0.00001298 to a recent high near $0.00001380 before pulling back slightly.

This bullish momentum suggests that investor confidence remains strong, even as SHIB meets resistance at higher levels. However, the market remains volatile, and any big price movement depends on breaking through key resistance points.

Source: CoinMarketCap

SHIB faces notable resistance levels, with $0.00001380 acting as the latest stopping point. This level signals strong selling pressure, halting further upward movement. Additionally, the mental barrier at $0.00001400 could be difficult for bulls aiming to push the price higher. If SHIB breaks these levels, further gains may be possible.

Support at $0.00001320 Holds for Now

On the other hand, SHIB has established strong support at $0.00001320, where buyers continuously prevent further declines. The next crucial support is at $0.00001298, the lowest point in the current uptrend. A drop below this level could increase the likelihood of further downside movement.

The broader market outlook remains bullish if SHIB can maintain momentum. A clear move above $0.00001380 would likely pave the way for testing $0.00001400, and potentially higher levels. However, if SHIB fails to hold above $0.00001320, it may revisit lower support levels, reigniting bearish pressure.

Technical Indicators and Momentum

SHIB/USD daily price chart, Source: TradingView

Technical indicators provide further insights into SHIB’s current stance. The Relative Strength Index (RSI) stands at 39.81, signaling weak momentum and slightly oversold conditions. A rise above 50 would reinforce bullish sentiment.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a consolidation phase. The MACD line remains below the signal line, reflecting lingering bearish momentum. However, the histogram bars suggest weakening negative momentum, which could support future price stabilization.

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