   
Even after enduring a losing streak over the past four days or so, Shiba Inu (SHIB) continued to show weakness on August 1. Traders are increasingly concerned about a possible drop below the crucial support level of $0.000013, fueling speculation of further declines.
This downturn is notably part of a broader market sell-off that has swept major cryptocurrencies such as Bitcoin and Ethereum over the past seven days, causing many short-term traders to exit their positions while some have been liquidated.
Despite this decline, some analysts remain optimistic about SHIB’s prospects. Noted crypto analyst Javon Marks recently predicted a potential tripling of SHIB’s price based on current technical indicators. Marks highlighted a “hidden bullish divergence” in SHIB’s Relative Strength Index (RSI), suggesting that the cryptocurrency could be on the verge of a significant recovery.
In a post on X, Marks predicted that the SHIB price could rise by over 162% and potentially reach $0.0000456. He also noted that if SHIB breaks above this level, it could target $0.000081, representing a total potential gain of about 354% from the current price.
“SHIB has broken out of a major resistance structure, allowing for a potential move towards $0.000081. Beyond this target, there is an additional 75% upside potential, bringing the total potential gain to over 354%,” Marks explains.
 
The bullish forecast is further supported by analyst Alex Clay identifying a bullish flag pattern on the SHIB price chart. Clay noted that SHIB is trading in a strong support zone, including the 50- and 100-day exponential moving averages (EMAs). A bounce off these support zones could spark a rally and potentially push SHIB towards its previous all-time highs.
“The confluence of these support levels combined with the bullish flag pattern suggests significant upside potential,” Clay noted. The expert then revealed that he has set medium-term targets for SHIB at $0.00003450 and $0.00006200, indicating significant growth potential if the bullish pattern materializes.
Elsewhere, analysts at Changelly have predicted Shiba Inu price trends for August. Based on their analysis, they estimate an average trading price of $0.0000255 for SHIB. Moreover, they expect the price to fluctuate between a low of $0.0000153 and a high of $0.0000358 throughout the month.
At press time, the meme coin was trading for $0.00001382, down 1.67% in the last 24 hours, according to CoinMarketCap.
