SHIB has experienced a sustained upward momentum over the past month, rising by 14.21%.
- SHIB has experienced a strong uptrend over the past 30 days, surging by 14.21%. An analyst eyed a bull run of 480% to $0.0000781.
Shiba Inu [SHIB], the second largest memecoin by market cap, has experienced significant price recovery over the past 30 days.
As of this writing, SHIB was trading at $0.0000135. This marked a 14.21% surge over the past month. The memecoin has witnessed moderate gains on daily chains, with 2.31% over the past day.
Prior to these gains, the last seven days saw SHIB witness a decline, as the memecoin dropped by 4.41% on weekly charts.
Despite the uptick, SHIB remained relatively below from its $0.00001612 high recorded 10 days ago. Equally, the memecoin was 84.52% below its ATH of $0.00008616.
The current gains and market conditions have left analysts predicting further gains. Inasmuch, popular crypto analyst Javon Marks eyed a 231% recovery and a bull run of 480%.
What market sentiment says
Source: X
In his analysis, Marks cited hidden bull divergence, which positioned the meme-coin for a 480% surge to reclaim $0.000081.
According to this analysis, prices have continually made high lows while the RSI has made lower lows.
Javon Marks shared this analysis through X (formerly Twitter), stating that,
“$SHIB (Shiba Inu)’s prices have recently confirmed multiple bullish patterns with the RSI that can be calling for a massive, over 231% recovery back to 2024 highs but that may only be part of the process as prices hold well-broken out with the $0.000081 target still in play.”
RSI has made lower lows over the past two months. For instance, RSI dropped to a lower low of 29 in July and 36 in August.
Thus, as Marks posited that the memecoin could hit 213% and make 2024 highs, which will strengthen SHIB to 480% to near its ATH.
Source: TradingView
What SHIB’s charts suggest
Though Marks’ analysis provided a positive outlook, but what do other indicators suggest?
For starters, Shiba Inu’s Funding Rate, aggregated by exchange, was positive at 0.003352% at press time. This suggested that long positions were paying short-position sellers to hold their positions.
So, investors are betting on SHIB prices to increase, which is a positive market sentiment and a bullish signal. Thus, most traders were going long, and were even willing to pay premiums to hold their positions.
Source: Santiment
Additionally, Shiba Inu’s exchange netflow was negative at press time, which showed that withdrawals on exchanges were higher than deposits. So, investors were moving their crypto to private wallets for long-term storage.
This not only indicated reduced selling pressure but also reflected investor confidence in the memecoin. Therefore, this is another bullish signal as investors expect prices to rise in the future.
Source: CryptoQuant
Therefore, with the current market condition, SHIB is well-positioned for further price gains. If the positive market sentiment holds, SHIB will challenge the $0.00001483 resistance level in the short term.
A breakout from this level will strengthen the memecoin to attempt the $0.000017 resistance level.
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