$SHIB Inu (SHIB) has continued to show weakness, with the cryptocurrency struggling on August 1 after several consecutive days of losses. Traders are becoming increasingly concerned about the possibility of SHIB dropping below the critical $0.000013 support level, raising fears of further declines.

This recent dip is part of a broader market selloff that has affected major cryptocurrencies like Bitcoin and Ethereum over the past week, prompting many short-term traders to exit their positions.

Despite the downward trend, some analysts remain bullish on SHIB’s future. Noted crypto analyst Javon Marks recently projected that SHIB’s price could potentially triple based on current technical indicators. Marks pointed to a "Hidden Bullish Divergence" in SHIB’s Relative Strength Index (RSI), indicating that the cryptocurrency might be poised for a significant rebound.

In a post on X, Marks suggested that SHIB’s price could increase



by more than 162%, potentially reaching $0.0000456. He added that if SHIB can break through this level, it could aim for $0.000081, representing a potential gain of around 354% from its current price.

"SHIB Has broken out of a major resistance structure, setting the stage for a possible move toward $0.000081. Beyond this target, there’s an additional 75% upside potential, which could bring the total gains to over 354%," Marks stated.

Adding to the optimistic outlook, analyst Alex Clay identified a bullish flag pattern in SHIB’s price chart. He noted that SHIB is currently trading at a strong support zone, bolstered by the 50-day and 100-day Exponential Moving Averages (EMAs). A bounce from these support levels could ignite a rally, potentially driving SHIB toward its previous all-time highs.

"The combination of these support levels and the bullish flag pattern suggests a significant potential for upward movement," Clay commented. He set mid-term price targets for $SHIB at $0.00003450 and $0.00006200, indicating significant growth potential if the bullish scenario plays out.

Meanwhile, analysts from Changelly have provided their predictions for Shiba Inu’s price in August. Based on their analysis, they expect $SHIB to trade at an average price of $0.0000255, with possible fluctuations ranging from a low of $0.0000153 to a high of $0.0000358 during the month.

At the time of writing, Shiba Inu was trading at $0.00001382, reflecting a 1.67% decline over the past 24 hours, according to CoinMarketCap. #shiba⚡ #SHIBAUSDT #MarketExperts #XRPVictory #CryptoNewss