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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.
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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.
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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
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