Shiba Inu (SHIB) Expected to Surge to $0.011, According to Technical Indicator
Despite the recent downturn in the crypto market, there is optimism for meme coin Shiba Inu (SHIB) as a technical indicator suggests a potential surge. The TD Sequential indicator, known for predicting trend reversals, has signaled that SHIB may end its downward path. Crypto expert Ali Martinez believes that SHIB contracts representing 1,000 tokens could potentially surge to $0.010 or $0.011.
This would be a notable rally, with a potential increase of approximately 21.65%. However, it’s important to note that technical analysis from TradingView still advises selling SHIB due to its overall performance and oscillators pointing towards a “sell” signal.
SHIB’s Performance and Market Position
While SHIB has been trading mostly downward since the beginning of 2024 and even 2023, it remains one of the most popular meme coins in the world. Over the last 52 weeks, SHIB has experienced a decline of 23.17%, and in the last 30 days, it has declined by 14.51%. However, in the last 7 days, SHIB has shown a slight improvement and is currently 0.78% in the green.
Despite its recent performance, SHIB still holds the position of being the 17th cryptocurrency by market capitalization.
Hot Take: Shiba Inu’s Potential Surge Raises Hope Amid Market Downturn
The crypto market may be experiencing a downturn at the start of 2024, but there is hope for meme coin enthusiasts as Shiba Inu (SHIB) shows signs of a potential surge. With technical indicators suggesting a reversal in SHIB’s downward path, there is a possibility of a rally to $0.011. While caution is advised due to conflicting technical analysis signals, the popularity of SHIB and its market position make it an intriguing coin to watch in the coming months.
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