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Meme coin Shiba Inu (SHIB) is currently trading within a narrow range, with support at $0.000013 and resistance at $0.00001370 over the past 48 hours. This period of price consolidation follows a decline from $0.00001600 during the last week of August. The notable drop bottomed out at the support level of $0.000013, aligning with the 0.618 level on the Fibonacci extension indicator amidst a bearish trend that has been ongoing since April.
Despite the larger bearish trend seen in the monthly timeframes, crypto analysts remain optimistic about a potential SHIB breakout to the upside. Several technical experts believe that SHIB’s ability to maintain support at this critical level without further decline is a sign of resilience. Crypto analyst Javon Marks is particularly confident in a SHIB recovery to 2024 highs, noting that the meme coin has confirmed multiple bullish patterns, especially with the Relative Strength Index (RSI) indicator.
SHIB Recovery Still In Play
Javon Marks shared his analysis in a social media post on X, updating an ongoing SHIB analysis dating back to September 2023. A key technical signal fueling Marks’ optimism is the 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. For SHIB, the RSI, which had significantly dropped 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 signifies a potential return to overbought momentum. This momentum could propel SHIB to rally over 231% from its current price level, aiming to retest $0.00003629.
Achieving a new yearly high could pave the way for a continued rally, potentially bringing SHIB closer to its all-time high. Looking ahead, Marks remains committed to his long-term target for SHIB, initially outlined in his first technical analysis back in September 2023. He states, “the $0.000081 target is still in play.”
This $0.000081 price point has been central to Marks’ analysis since he began covering SHIB’s price movements. Reaching this target would require SHIB to increase by 480% from its current price level.
Current State Of Shiba Inu
As of now, SHIB is trading at $0.0000132. The meme coin continues to attract investor interest, with recent whale activity showing a significant uptick. Analysts at Santiment note that interest in meme coins, including SHIB, has been relatively quiet in recent weeks.
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Santiment analysts suggest that the low activity levels and reduced market excitement could indicate that SHIB is nearing a bottom, potentially setting the stage for a rebound.
SHIB price at $0.000013 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
