As a seasoned crypto investor with over a decade of market experience under my belt, I must say that the recent bullish predictions for Shiba Inu (SHIB) have piqued my interest. Ronimus Prime’s analysis aligns with my own observations, and his emphasis on the 50 Moving Average as a critical resistance level is spot-on.
With cryptocurrency markets showing optimism, a crypto expert believes Shiba Inu (SHIB) is on the verge of experiencing a bullish surge. Yet, he stresses that for the meme token to prove its upward trend, it must initially surmount a substantial resistance barrier first.
Shiba Inu Poised For Gains In Upcoming Weeks
Based on his examination of the recent market trends for Shiba Inu, the cryptocurrency analyst and trader Ronimus Prime has expressed an optimistic outlook about the meme coin. He anticipates that a bullish surge could occur within the upcoming weeks, indicating his confidence in the token’s potential price increase.
Based on expert analysis, Shiba Inu (SHIB) appears to be gaining traction, suggesting a possible increase in value. However, whether it can sustain this significant growth depends on its ability to surpass the critical 50 Moving Average (MA) region.
At present, the expert has pointed out that Shiba Inu is gathering strength near crucial support points, and the 50-day Moving Average is acting as a barrier on both the weekly and 4-hour charts. For Shiba Inu to confirm a breakout from this stage, it needs to surpass the 50-day MA and substantial Fibonacci levels on both graphs. The upcoming FOMC meeting scheduled for September could potentially serve as a driving force.
As an analyst, I’ve noticed that the Shiba Inu (SHIB) 4-hour chart seems to be hinting at a potential Elliot Wave configuration after breaching initial resistance levels. At the moment, it’s hovering near the price point of $0.00001379. If the Federal Reserve (FED) decides to lower interest rates at Jackson Hole, I believe these circumstances could potentially reverse SHIB’s trend and activate the bullish Elliot Wave setup.
Based on Shiba Inu’s current price surge, a well-versed cryptocurrency analyst has set his temporary prediction at around $0.000014. Should the trend persist, it’s anticipated that a five-part pattern will form, with the 50 Moving Average serving as potential support. “In light of the FOMC meeting, keep an eye out for a possible breakout if there are rate reductions; wave 3 could be the most significant,” he noted.
Will The Breakout Trigger A 6X Growth?
Right now, Shiba Inu is being positively anticipated by many, as the meme token demonstrates resilience and potential for additional increases. Notably, well-known crypto expert Javon Marks has foreseen an upcoming bullish surge for SHIB, which may trigger a sixfold price increase.
Based on a large pattern called a Falling Wedge, as seen on the daily chart, Mark predicts that Shiba Inu (SHIB) is nearing the breakout point of this pattern. A recent confirmation of an uptrend divergence, which is typically bullish, suggests an impending price rise for SHIB.
If the breakthrough occurs, Mark observes that it may trigger a subsequent wave of intense optimism. Given that the initial target of $0.000081 remains due to a broader breakout that is yet to weaken, this could initiate the next phase of potential growth, which could amount to nearly 498% from the current price to this level.
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2024-08-22 02:11