Shiba Inu (SHIB), the parody coin that made headlines in 2021, has renewed investor interest. Based on research by cryptocurrency expert Javon Marks, the token recently emerged from a descending wedge formation, which may suggest that a significant price raise is coming.

Marks estimates that SHIB could surge 342% to reach $0.000081, a level not seen since the 2021 bull market. If current trends continue, the price of this dog-inspired digital asset could see significant change.

After this major breakthrough, the future of SHIB pricing looks promising. According to estimates, if the token reaches USD 0.00001794 in mid-November 2024, there will be an immediate price raise of 0.65%.

The current neutral position of 50 on the Fear and Greed Index shows a balanced state of mind in the market and correlates well with cautious optimism about change SIB price. Recently, in the last 30 days, SHIB has been green for half, 15 days, which also supports further development in the future.

$SHIB (Shiba Inu) –

Are you prepared for $0.000081!?

With SHIB breaking out of the recent falling wedge formation and a much larger (not pictured) resistance trend, an raise of over 342% from here to there could happen ASAP, and this falling wedge breakout could only accelerate that process 🧨! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N

— JAVON⚡️MARKS (@JavonTM1) October 11, 2024

The force of a falling wedge

For the past five months, the SHIB Index has been in a falling wedge formation, which in technical analysis is a chart pattern that is usually characterized by a powerful bullish reversal. Therefore, this particular pattern where the lows are lower and the highs are lower has proven to be a breakout trigger.

In March 2024, the pattern was clearly evident as the SHIB Index fell from its yearly high of $0.000045. According to Marks, this could be a breakthrough that will push the token all the way to $0.000081.

Key indicators indicate strength

Momentum could emerge as SHIB trades around $0.00001785 with higher lows continuing. Additionally, the token’s 50-day and 100-day exponential moving averages (EMA) are lower than the current price, suggesting a bullish trend.

The fact that SHIB is still trading above its 200-day straightforward moving average (SMA) indicates that it is in an uptrend over the long term, even though it is trading below its 50-day SMA, which is often a bearish signal. The convergence of these indicators indicates that the SHIB is stable, although it may shift further in either direction.

Support and resistance levels

Looking ahead, Shiba Inu has critical support around $0.000017; resistance at $0.000018 and $0.000019. If the token is able to break above these resistance levels, it could quickly reach the projected target of $0.000081.

Meanwhile, there is still room for growth, but traders and traders should continue to watch price activity closely as next steps for SHIB could confirm a breakout or trigger even more consolidation. However, with past trends and technical guidance looking promising, it may only be a matter of time before SHIB reaches significant value soon.

Featured image from Pexels, chart from TradingView