Shiba Inu (SHIB) is garnering attention for its robust performance and potential for future expansion as 2024 draws to a close. SHIB has managed to captivate the interest of both investors and crypto enthusiasts, as it is currently dealing at $0.00002566.
The technical signals of the memecoin show notable preparation for a big rally, which has generated expectation for notable increases in the next weeks.
Positive indicators Surface For Shiba Inu
With reference to Shiba Inu on X, crypto expert Javon Marks expressed hope, noting that the value of SHIB might skyrocket.
From what he saw, SHIB has already grown by 162% in the past few months, and this growth is likely to continue. One of the main things that supports this statement is the Hidden Bullish Divergence, a technical pattern that shows that price movement is about to happen.
$SHIB (Shiba Inu) looks to be in some of its best positions in years, holding well broken out and up over 162% since, while also showing majorly positive responses to a recent Hidden Bullish Divergence!
This divergence can suggest an over 75% move above the 2024 Highs but that… https://t.co/pKDT2dWaUn pic.twitter.com/0L7gwCcSAf
— JAVON⚡️MARKS (@JavonTM1) November 26, 2024
The trend basically shows that while the price of SHIB has been producing lower lows, the Relative Strength Index (RSI) has been making higher lows even during a consolidation phase. This points to a mounting optimistic pressure.
Price Fluctuations And Short-Term Growth
In the near term, SHIB has experienced significant price swings. In the last week, its price has gone up by 3.35%, and in the last month, it rose to around 54%. These increases show that the “joke coin” is picking up a lot of steam. However, the trip is not completely uneventful.
Despite the favorable short-term development, the price of SHIB has dropped by 4.08% over the last six months, suggesting considerable volatility.
Analysts warn that short-term profit-taking after recent advances could obstruct the memecoin’s price movement as it evolves. However, SHIB has a great possibility to grow further with the strong support of its growing ecosystem projects and community.
Important Price Levels To Monitor
Key price levels have a big effect on future movements for people who are keeping SHIB or thinking about getting in. Expert research says that the level of $0.000081 is the first important resistance point. If this level is broken, the price could go up by 215%.
Also, SHIB is trading 3.20% below what it is expected to be worth in a month, which suggests that prices could go up in the short run. The next goal could be $0.00000900 if SHIB breaks through support at $0.00000850.
The coin is expected to experience a 102% increase in the next six months for long-term investors, followed by a 92% increase in the following year, data from CoinCheckup shows.
Technical clues indicate a possible breakout and robust long-term forecasts, thus Shiba Inu might be ready for a new phase of development. Investors should keep a close eye on current levels since the memecoin offers significant prospects in not too distant future.
Featured image from Pixabay, chart from TradingView