Despite its rather poor performance in recent weeks, Shiba Inu could be set to embrace a reversal soon as analysts have explained how SHIB can reach a new 2024 high. Although it has been stuck consolidating, there are reasons to be optimistic that a turnaround could be right around the corner.
The second-largest meme coin by market cap has not been aided by an ongoing crypto slump. Bitcoin has led the way, with the asset falling to below $57,000 Friday. Moreover, concerns have arisen that BTC could target a drop to $50,000 at some point in September. Yet, SHIB could be one of a few assets poised to buck the ongoing bear market trend.
Also Read: Shiba Inu: Two Reasons Why Investors Should Hold Their SHIB And Not Sell It
Shiba Inu to Target 2024 High? One Analyst Certainly Thinks So
Since August, the crypto market has been caught in a downturn. The market struggled to recover from a flash crash early in the month. Moreover, macroeconomic pressure certainly didn’t help matters. Now, with the Federal Reserve likely to drop interest rates from their 23-year high this month, things could be set to change.
One asset that can certainly benefit from such a shift is Shiba Inu. The token has struggled mightily throughout this week. Specifically, it has fallen more than 7% in the last seven days, and almost 3% in the last month, according to CoinMarketCap. The recent 3.5% drop over the last 24 hours has it falling firmly below $0.000013.
Yet, that turnaround could be nearing. Shiba Inu could have a notable reversal in store, according to one analyst who has predicted SHIB to set a new 2024 high. Indeed, Javon Marks took to X (formerly Twitter) to discuss why he is still optimistic about the meme coin.
Also Read: Shiba Inu Forecasted To Reach 10 Cents: Here’s When
Marks notes that SHIBA has “confirmed multiple bullish patterns,” recently. Specifically, its relative strength index (RSI) has the asset seeking a “231% recovery back to 2024 highs,” which would start a monumental rally for the token.
Indeed, Marks believes that there is much more in store for SHIB. Within the post, he predicted that the asset is targeting a surge to $0.000081 with a Hidden Bull Divergence pattern in play.
Although that is certainly optimistic, it isn’t out of the question. Regardless, it can surpass the $0.00013 support that coincides with the 0.618 Fibonacci level, increases could be in store. Moreover, it could surpass its yearly high of $0.000035 it reached back in March.
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