Shiba Inu (SHIB) Set for 480% Surge? Analyst Forecast

Market analyst Javon Marks predicts a possible 480% upside for Shiba Inu (SHIB), setting a price target at $0.000081.

His ambitious forecast follows SHIB's recent price action above a key resistance line, with some analysts even speculating a rise as high as $0.00015.

At the time of writing, SHIB is trading at $0.00001320, registering a 3% increase over the past 24 hours. However, trading volume increased 41% to $280 million, with a market capitalisation of $7.9 billion. This mixed market sentiment reflects the ongoing struggle between bulls and bears.

Price Momentum and Key Levels-to-Monitor

SHIB's path shows a steady bullish trend. The token rose from a low of $0.00001298 to a recent high of around $0.00001380, before a slight retracement.

This bullish momentum suggests that investor confidence remains strong, despite SHIB facing resistance at higher levels. However, the market remains volatile, and any significant movement will depend on the breaking of key resistance points.

SHIB faces important resistance levels, with $0.00001380 as the main barrier. This level signals strong selling pressure that is blocking further rises. In addition, the psychological threshold of $0.00001400 could pose a challenge for bullish traders trying to push the price higher. Should SHIB manage to break through these levels, it would open up new possibilities for growth.

Support at $0.00001320 for Now

On the other hand, SHIB has established strong support at $0.00001320, a level where buyers have been steadily intervening to prevent further declines. The next significant support lies at $0.00001298, the lowest point in the current bullish trend. A break below this level could increase the likelihood of further declines.

The overall market outlook remains positive if SHIB can maintain momentum. A clear breach of $0.00001380 would likely pave the way for a test at $0.00001400 and higher levels. However, if SHIB fails to hold above $0.00001320, it could return to lower support levels, reigniting bearish pressure.

Technical Indicators and Momentum

The technical indicators provide further information on the current position of SHIB. The Relative Strength Index (RSI) is at 39.81, signalling weak momentum and slightly oversold conditions. A breach of 50 would reinforce bullish sentiment.

In the meantime, the Moving Average Convergence Divergence (MACD) indicator indicates a consolidation phase. The MACD line remains below the signal line, reflecting persistent bearish momentum. However, the bars of the histogram suggest a weakening of negative pressure, which could favour a future stabilisation of the price.