2024-10-28 23:30 |
Shiba Inu (SHIB) continued to trade subdued on Saturday, with the second-largest meme cryptocurrency dropping around 1.78% to trade at $0.00001696 at press time.
Over the past week, the token’s price action has shown a sideways consolidation followed by a bearish breakdown. Nevertheless, despite the decline, many analysts believe SHIB is positioned for a significant breakout.
One such analyst, Javon Marks, has been particularly vocal about SHIB’s bullish prospects. In a tweet shared on Wednesday, Marks noted, “Shiba Inu’s >4X: Recently, $SHIB (Shiba Inu) showcased a slight positive response to a Hidden Bull Divergence pattern with major positive price movement, and prices here can be preparing to deliver more.” He predicted that SHIB could target $0.000081, a gain of over 330%.
Marks has been tracking SHIB’s performance for months, highlighting how the meme coin has responded to multiple bullish signals. In July, Marks predicted a 162% recovery for SHIB, with the potential to push up to $0.000081, representing a total surge of over 354%.
This potential surge in SHIB’s price has also captured the attention of other analysts. MMBTrader, a prominent cryptocurrency analyst, echoed similar sentiments, highlighting SHIB’s recent trend of forming higher lows and higher highs.
“The market here is still bullish, and we are looking for a +100% gain from this point and a total of +200% from our daily support at $0.000011,” MMBTrader noted on TradingView.
He further emphasized that if SHIB can successfully breach the critical resistance level at $0.00002, it could unlock even more gains, potentially setting the stage for a sustained upward move.
Furthermore, supporting this optimistic outlook is the continued development and success of Shibarium, the layer-2 scaling solution for the Shiba Inu ecosystem. Recent data shows that Shibarium has seen a dramatic surge in key metrics, fueling further excitement within the SHIB community.
Notably, over the past 30 days, Shibarium’s new transactions have leaped from just 7,527 to 1,766,437, an astronomical 23,368% increase, according to data from Shibariumscan. This explosion in network activity underscores rising user interest and engagement with Shibarium, which could positively impact the broader Shiba Inu ecosystem, including SHIB itself.
The number of active accounts on Shibarium has also skyrocketed, rising by 1,967% from 1,269 to 26,237, reflecting sustained user interaction. New accounts on the platform saw an unprecedented 2,484% surge, climbing from just 816 to 21,086. This influx of new users suggests growing interest and confidence in the Shiba Inu ecosystem, further boosting the potential for a price surge in SHIB.
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