Even after enduring a losing streak over the past four or so days, Shiba Inu (SHIB) continued to display weakness on August 1. Traders are increasingly concerned about a potential drop below the crucial $0.000013 support level, fueling speculation about further declines.
Notably, this downturn is part of a wider market selloff affecting major cryptocurrencies over the past 7 days, like Bitcoin and Ethereum, which have led many short-term traders to exit their positions while some have been liquidated.
Nevertheless, despite this dip, some analysts remain optimistic about SHIB’s prospects. Popular crypto analyst Javon Marks recently projected a potential tripling of SHIB’s price based on current technical indicators. Marks highlighted a “Hidden Bullish Divergence” in SHIB’s Relative Strength Index (RSI), suggesting that the cryptocurrency could be on the brink of a significant recovery.
In a post on X, Marks predicted that SHIB’s price could surge by over 162%, potentially reaching $0.0000456. He also noted that if SHIB surpasses this level, it might target $0.000081, indicating a total potential gain of approximately 354% from its current price.
“SHIB has broken out of a larger resistance structure, which sets up a potential move towards $0.000081. Beyond this target, there’s an additional 75% upside possibility, bringing the total potential gain to over 354%,” Marks explained.
Further supporting the bullish outlook, analyst Alex Clay identified a bullish flag pattern in SHIB’s price chart. Clay observed that SHIB is trading at a strong support zone, including the 50-day and 100-day Exponential Moving Averages (EMAs). A bounce from these support zones could trigger a rally, potentially driving SHIB towards its previous all-time highs.
“The confluence of these support levels, combined with the bullish flag pattern, suggests significant upward potential,” Clay noted. The pundit then disclosed he had set mid-term targets for SHIB at $0.00003450 and $0.00006200, indicating considerable growth potential if the bullish pattern materializes.
Elsewhere, analysts from Changelly have forecasted Shiba Inu’s price trends for August. Based on their analysis, they estimate an average trading price of $0.0000255 for SHIB. Further, they anticipate that the price could fluctuate between a low of $0.0000153 and a high of $0.0000358 during the month.
The meme coin was trading at $0.00001382 at press time, reflecting a 1.67% drop over the past 24 hours, as per CoinMarketCap.
