- Analysts predict that Shiba Inu (SHIB) could be declining to find support at the lower Bollinger band at $0.00002438 from the current position of $0.000026.
- Meanwhile, another analyst anticipates a massive surge to $0.000081 in a 180% price move.
Shiba Inu (SHIB) has failed to retest its yearly high of $0.000033 after frequent liquidations and profit-taking actions forced a decline and a movement within a consolidated range. At press time, the asset was trading at $0.000026 after declining by 2.6% in the last 24 hours.
Subjecting the asset to a comprehensive technical analysis, market analysts have observed that the asset is currently “sitting” below the moving average of the Bollinger Bands. According to the analysis, SHIB could embark on a further decline to find support at the lower Bollinger band at $0.00002438.
This trend could also be reversed when the asset reclaims the moving averages; however, it will need to rise by 6.6% from the current position to invalidate this thesis. Meanwhile, analyst Javon Marks believes that SHIB has confirmed a bullish pattern.
Speaking to his X followers, this analyst estimated that the asset could hit a 180% surge to reach $0.000081.
With this target at $0.000081 continuing to be in play, we could soon be witnessing a more than 180% climb unfold in front of our eyes, and it may just already be in effect as we speak.
Javon has been very consistent in his prediction, as our research shows that he predicted a surge of more than 498% in August as the asset was nearing a break-out point from a falling wedge pattern.
$SHIB (Shiba Inu)’s ≈6X: Prices of Shiba are currently nearing the converging or breakout point of a massive Falling Wedge pattern on the daily (1d Chart) and with a recent confirmation of a Regular Bullish Divergence, this can be pointing to a bullish breakout! This can spark… pic.twitter.com/sAUSyrH4q0— JAVONMARKS (@JavonTM1) August 17, 2024
Bullish and Bearish On-Chain Metrics
On-chain activities also support Javon’s prediction as exchange netflows consistently record negative figures. According to our analysts, this situation dwindles exchange reserves and creates scarcity as investors resort to self-custody.
Additionally, Shiba Inu’s layer 2 scaling solution, Shibarium, has been recording impressive numbers in the past couple of months, signaling a positive outlook. According to our research, the total number of transactions processed on the platform surpassed 500 million in November. Meanwhile, the Net Network Growth shows a bearish outlook.
Analyzing LookOnChain data, we observed that this metric was down by 0.76% on the daily reading as it advances toward the bearish territory. The Net Network Growth provides a clear overview of the growth of the token’s underlying network. Fascinatingly, this is supported by the significant decline of transactions that are greater than $100k in the last 24 hours.
Shiba Inu’s InTheMoney metric, which measures the change in the number of SHIB investors who are in profits, has declined considerably. 24% of SHIB investors are at a loss according to data.
Explaining the ongoing market situation, analyst Roaring Kitty pointed out that SHIB is undergoing a historical trend. According to the analyst, the asset typically begins the bullish cycle with a pump of between 100% and 200%. After this, the market consolidates for a few weeks and bounces back with over 200% surge.
It is important to note that the recent surge to $0.000033 was the first time in about seven months. From this point, the asset pulled back to the $0.00002 zone. According to Roaring Kitty, the initial pump was a “warm-up rally”. Per his observation, the asset could “kill” one more zero and hit $0.00015 in the next rally which aligns with our recent report.
