Expert Predicts a 246% Shiba Inu Price Surge as a Rare Pattern Forms

Shiba Inu price continued its strong bull run on Monday, reaching its highest point since November 11. It has soared by nearly 50% from its lowest level this year, making it one of the best-performing tokens in the crypto market. Analysts anticipate that the token has more upside in the coming weeks.

Experts See Shiba Inu Price Soaring in the Near Term

Shiba Inu Coin price could continue rising in the near term. In an X post, Javon Marks, a popular crypto analyst with over 50,000 followers, predicted that the coin will surge by 246% to $0.00003. He pointed to the formation of a bullish divergence pattern, which happens when an oscillator is rising as an asset drops. 

More technicals suggest that the coin has more upside in the near term. The daily chart shows that the token formed the highly common descending wedge pattern, which is shown in purple. This pattern is made up of two descending and converging trendlines. A bullish breakout normally forms when the two lines are nearing their convergence.

Shiba Inu price has also moved above the Supertrend indicator for the first time since July last year. The last time this happened, the token rebounded by 40%. It has also moved above the 50-day Exponential Moving Average (EMA), while key oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have continued rising.

Therefore, the most likely SHIB price forecast is bullish, with the immediate target being at $0.00001484, its highest point on September 13. This price target is about 52% above the current level.

On the flip side, a drop below the support level at $0.00000684 will invalidate the bullish outlook.

SHIB Boosted by the Meme Coin Rally

The main bullish catalyst for the SHIB token is the ongoing crypto market rally that has affected Bitcoin and other altcoins. This surge has happened because of the January Effect, and as investors buy the dip.

Third-party data shows that key metrics may support the rally. One of them is the soaring open interest, which has been in a strong uptrend, reaching a high of $145 million, its highest level since October 10. It has been in a strong uptrend after bottoming at $60 million in November.

More data show that the Crypto Fear and Greed Index has continued rising. It has jumped from a low of 10 in December to the current 42. Meme coins tend to do well when there is a sense of greed in the market.

Shiba Inu has also benefited from the ongoing meme coin rally. Data shows that most meme coins like Pepe, Dogwifhat, and Bonk have soared, with the market cap of all these tokens rising to over $52 billion.