Analyst Foresees 480% Price Surge—Here’s Why

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Shiba Inu (SHIB) lack of bulls by way of price performance hasn’t stopped the crypto community to lose faith within the meme coin. Recently, renowned analyst Javon Marks shared an optimistic outlook for the meme-based cryptocurrency.

This outlook shared by Marks comes at a time when SHIB is currently going through a bearish phase, although SHIB is just not alone on this bearishness as several other notable meme coins resembling Dogecoin (DOGE), PEPE and dogwifhat (WIF) has also seen major plunge in value.

Why Is A 480% Rise Ahead For SHIB?

In accordance with Marks, SHIB has confirmed several bullish patterns in its recent price motion, particularly through the Relative Strength Index (RSI).

These bullish patterns in its RSI, as highlighted by the analyst suggest a powerful potential for a big recovery, with Marks projecting that SHIB could witness a 231% rally to reclaim its 2024 highs.

Furthermore, the forecast doesn’t stop there—Marks believes that if SHIB continues on this trajectory, the cryptocurrency could surge by over 480% to hit a price goal of $0.000081.

Shiba Inu (SHIB) price chart. | Source: Javon Marks on X

Marks’ evaluation particularly highlights the presence of a hidden bull divergence pattern, which is a bullish signal in technical evaluation.

This pattern occurs when a cryptocurrency’s price is making lower lows, while its momentum indicator, resembling the RSI, shows higher lows.

Essentially, this divergence indicates that the selling pressure is weakening, and a possible reversal in price is on the horizon. For SHIB, this might mean a big upward movement within the near future.

Shiba Inu’s Bearish Performance and Ecosystem Developments

Despite this optimistic forecast, Shiba Inu has proceed to experience a bearish trend in its market performance. Over the past week, SHIB has seen a decline of seven.4%, and the downtrend has continued, with the meme coin dropping by an extra 0.6% within the last 24 hours.

SHIB price is moving downwards on the 1-hour chart. Source: SHIB/USDT on TradingView.com

On the time of writing, SHIB is trading at $0.00001326. Notably, while SHIB’s price has been on the decline, the event team behind the cryptocurrency continues to push forward with ecosystem improvements.

Recently, the Shiba Inu team announced the launch of the ShibDev Portal, aimed toward “enhancing” the capabilities of developers constructing on Shibarium, Shiba Inu’s Layer-2 blockchain.

LucieSHIB, the project’s lead marketer, highlighted that the portal provides essential tools for developers, including API Management and Node Access, that are crucial for constructing decentralized applications (dApps) on Shibarium.

https://t.co/zoPuR997MF

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 5, 2024

This latest update is seen as a positive step towards strengthening Shiba Inu’s ecosystem, with the potential to draw 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 could possibly be tied to those ecosystem advancements, as they aim to distinguish the token from other meme coins by providing tangible use cases and utility through Shibarium’s growth.

Featured image created with DALL-E, Chart from TradingView