The crypto community’s faith in Shiba Inu (SHIB) remains strong, despite the current bearish phase affecting its price performance. Recently, renowned analyst Javon Marks shared an optimistic outlook for the meme-based cryptocurrency.
This positive forecast comes at a time when SHIB is experiencing a downturn, similar to other notable meme coins like Dogecoin (DOGE), PEPE, and dogwifhat (WIF), which have also seen significant drops in value.
Why a 480% Rise Could Be on the Horizon for SHIB
According to Marks, SHIB has demonstrated several bullish patterns in its recent price movements, particularly through the Relative Strength Index (RSI). These patterns suggest a strong potential for recovery, with Marks projecting a 231% rally for SHIB, aiming to reclaim its 2024 highs.
Marks’ forecast doesn’t stop there. If SHIB maintains its current trajectory, the cryptocurrency could surge by over 480%, reaching a price target of $0.000081.
This analysis highlights the presence of a hidden bull divergence pattern, which is a bullish signal in technical analysis. This pattern occurs when a cryptocurrency’s price makes lower lows, while its momentum indicator, such as the RSI, shows higher lows. Essentially, this divergence indicates weakening selling pressure and a potential price reversal. For SHIB, this could mean a significant upward movement in the near future.
Shiba Inu’s Bearish Performance and Ecosystem Developments
Despite the optimistic forecast, Shiba Inu continues to experience a bearish trend in its market performance. Over the past week, SHIB has seen a decline of 7.4%, with an additional drop of 0.6% in the last 24 hours. Currently, SHIB is trading at $0.00001326.
While SHIB’s price has been declining, the development team behind the cryptocurrency remains focused on ecosystem improvements. Recently, they announced the launch of the ShibDev Portal, aimed at enhancing the capabilities of developers building on Shibarium, Shiba Inu’s Layer-2 blockchain.
LucieSHIB, the project’s lead marketer, emphasized that the portal provides essential tools for developers, including API Management and Node Access, which are crucial for building decentralized applications (dApps) on Shibarium.
This latest update is considered a positive step towards strengthening Shiba Inu’s ecosystem, with the potential to attract more developers and projects to the platform. By expanding its utility and attracting a broader range of dApps, SHIB could see renewed interest and demand, potentially driving its price upward.
The long-term success of SHIB may be closely tied to these ecosystem advancements, as they aim to differentiate the token from other meme coins by providing tangible use cases and utility through Shibarium’s growth.
