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Shiba Inu Price Eyes 163% Upside in Major Bullish Reversal

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The world’s second-largest meme coin Shiba Inu SHIB $0.000012 24h volatility: 2.2% Market cap: $7.24 B Vol. 24h: $231.52 M has been a strong underperformer in the overall altcoin space. However, market analysts continue to maintain optimism for September, with expectations of a 163% SHIB price rally ahead. With the SHIB burn rate exploding 157,726% last week, it could serve as a catalyst for further rally.

Shiba Inu Price Eyes 163% Upside

Popular crypto analyst Javon Marks has identified a bullish setup for Shiba Inu (SHIB), noting a regular bull divergence on the MACD histogram. According to Marks, this pattern signals a potential major reversal to the upside.

The analyst suggests that SHIB could initially climb over 163% toward the $0.00003 range. If momentum continues and the Shiba Inu price holds above its previous breakout levels, the rally could extend further, potentially targeting a 570% surge to around $0.000081.

Another crypto analyst, Jonathan Carter, has confirmed a breakout for Shiba Inu from its descending channel. The altcoin is currently consolidating just below the 50-day moving average on the daily chart.

Carter noted that a bullish surge above this moving average could trigger a strong upward rally, with potential price targets set at $0.000014, $0.0000175, $0.0000205, and $0.000025. Besides, the drop in SHIB exchange supply could further aid the price rally.

Furthermore, data from CoinGlass shows that the SHIB futures trading volume has surged by 56% to more than $200 million. This shows that the derivatives traders are eyeing a bullish momentum ahead.

SHIB Plans for Asia Expansion

Shiba Inu’s marketing lead, Lucie, revealed plans for an outreach initiative targeting major Asian markets, including Korea, Japan, and China. The marketing lead highlighted the growing momentum of the Shiba Inu community in these regions and emphasized the importance of expanding the project’s global presence.

Lucie also noted that the team is not prioritizing the price of Shiba Inu ecosystem tokens, including SHIB. It was also stressed that despite the low Shiba Inu price at the moment, the focus remains on building the Shibarium ecosystem and driving long-term adoption.

While many community members view token burns as the fastest path to price growth, Lucie and the team maintain that sustainable value comes from developing utility and promoting real-world adoption of Shiba Inu projects. 

The post Shiba Inu Price Eyes 163% Upside in Major Bullish Reversal appeared first on Coinspeaker.

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