Shiba Inu (SHIB) has seen a notable uptick in momentum, fueled by rising trading volumes and strengthening market sentiment. The rally has drawn fresh attention from analysts, firm on their ambitious upside target around $0.00081.
At the time of writing, SHIB is trading at $0.00001475 with a 24-hour trading volume of $587.9 million and a market capitalization of $8.68 billion. The SHIB price over the last 24 hours is up by 10.89%, and over the last week it is also up by 20.45%.
Source: CoinMarketCap
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A prominent crypto analyst, Javon Marks, revealed that it’s clear why the analyst remains holding firm at their high price target of $0.000081 for Shiba Inu (SHIB). In spite of the conversation and skepticism, belief in the target remains constant, and the argument is quite simply a matter of what the technical chart is telling.
Technical indicators now point towards the possibility of a near 6X price swing. The analysis goes contrary to fears by some traders that SHIB has already peaked. According to analysts, the chart information draws a different picture and supports the case for a bigger valuation.
Source: X
The commitment to hold at this target reflects a strong conviction in the SHIB’s trend. Despite skeptics ruling the possibility out, the charts still imply the potential for upside remains in effect and prime investors for the $0.000081 level.
For now, all eyes remain on whether Shiba Inu can deliver on this bold outlook. If the technical indications play out according to plan, then SHIB is possibly about to experience a significant surge, defying the pessimists and affirming the strength in the price action.
The SHIB derivatives space saw a steep spike in activity, with open interest up by 25.09% to $274.20 million and trading volume up by a massive 141.01% to $415.66 million. The spike reflects a buildup of leveraged positioning and intensified speculative trade as spot traders react to shifting sentiment.
Source: Coinglass
However, the OI-weighted funding rate is 0.00123%, showing participation is still quite balanced. Such balance is a result of the fact that traders are adding exposure without clear, sharp directional bias.
Source: Coinglass
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