Shiba Inu price has the potential to rally by 550% according to a top market analyst. The price is currently trading at $0.0000121, with a slight 2% drop from the daily high of $0.0000125. Analyst Javon Marks believes that Shiba Inu could reach $0.000155, driven by a hidden bullish divergence that could reverse the ongoing downtrend.
The bullish outlook is supported by the formation of a bullish ascending triangle pattern on the four-hour price chart for SHIB. The coin has been making higher lows, with resistance at $0.0000124. If buying pressure increases and breaks through this resistance level, it could fuel a strong uptrend for Shiba Inu.
Technical indicators also suggest a positive momentum for SHIB. The RSI is close to neutral levels at 48, indicating easing selling pressure. Additionally, the MACD indicator is showing bullish signals with the histogram bars turning green and the MACD line rising. These indicators point towards a potential bullish reversal for Shiba Inu.
However, despite the bullish forecast, several factors could hinder SHIB’s upward movement. The burn rate for SHIB has declined by 75%, impacting its potential for strong gains. Additionally, the overall market capitalization for meme coins has decreased, signaling a decline in speculative activity that could pose bearish headwinds for Shiba Inu.
In conclusion, Shiba Inu price shows potential for a significant rally based on technical analysis and market factors. While there are bearish indicators to consider, a strong breakout above the resistance level could support an uptrend for SHIB in the near term. Investors should keep a close eye on key levels and indicators to navigate the volatile meme coin market effectively.
