Shiba Inu Team Promises SHIB Bullish Rally in Q4
Now Shiba Inu (SHIB) is giving bearish signals, but the project team promises a bullish fourth quarter. Despite the fact that the price is below key moving averages and derivatives data looks negative, a significant market expansion in Asia and the subsequent formation of a bullish pattern are promised.
The short-term picture for SHIB is bleak. Token has been in a downtrend since February 2024, and key indicators point to continued weakness.
SHIB is trading below its 50-week simple moving average, a key indicator of the long-term trend. On the XNUMX-hour time frame, the price is stuck below falling logarithmic resistance. A break of this line is required to negate the current bearish sentiment.
Despite the weak data, the team Shiba Inu declares that a major turnaround is just around the corner.
From a technical perspective, the SHIB/USD pair has established an important bullish support level around $0,00001. On the weekly chart, SHIB price is forming a potential inverse head and shoulders pattern coupled with a growing divergence in the relative strength index (RSI).
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Head of Marketing Shiba Inu Lucy urged the SHIB army to focus on planned market expansion in Asia, particularly Korea, Japan and China.
She added that token burning is not the only factor for optimism, with the market expansion in Asia also helping to boost the meme’s effectiveness.
Experts believe that a major rally in altcoins will take place if the US Federal Reserve lowers rates on September 17. Low interest rates usually make risky assets, including memecoins, more attractive to investors.
