Shibe Inu's price chart displays a positive trend, as per analyst forecast, anticipating an upward price surge.

In a recent analysis published on the social media platform X, cryptocurrency analyst Jason Marks (@JavonTM1) identified a bullish divergence on the Shiba Inu ($SHIB) chart. This technical signal is known in trading circles and some traders interpret it as an indicator of potential upward price movement.

At 4:27 p.m. ET on Wednesday, the price of Shiba Inu was approximately $0.00001222, showing a 3.8% increase over the preceding 24 hours, according to CoinMarketCap data. The bullish divergence was characterized by successively lower lows in the price of Shiba Inu, while the Relative Strength Index (RSI) formed higher lows over a period.

Marks noted that the bullish divergence could signify that "bulls can be coming to regain major control" of the market trend. He also highlighted that Shiba Inu's total market capitalization stood near $7.2 billion, also showing a nearly 4% increase.

The trading volume of Shiba Inu during the same period was reported at $115 million. The Shib Daily, an official media and publication of the Shiba Inu cryptocurrency project, accompanied Marks' analysis with a chart visually depicting the pattern and included an arrow suggesting a potential upward trajectory for the price of Shiba Inu.

It's important to note that this article is provided for informational purposes only and should not be construed as financial advice. Cryptocurrency markets can be volatile, and it's crucial to do thorough research and consider your own risk tolerance before making investment decisions.

According to CoinMarketCap community sentiment data, approximately 88% of participants expressed a bullish viewpoint regarding Shiba Inu's prospects, while 12% held a bearish stance. However, sustained buying interest will be crucial to determine the ultimate significance of the bullish divergence on the Shiba Inu chart.

This bullish divergence comes amidst other positive news for Shiba Inu. For instance, the Shibarium Dev Initiative recently spotlighted the Shups Ecosystem Hub, and the Shiba Inu price has been teasing a climb amid bullish chart signals, as reported in articles such as "Shiba Inu Price Inches Toward Breakout, Bulls Test Key Wall" and "Shibarium Dev Initiative Spotlights Shups Ecosystem Hub".

As always, it's essential to stay informed about broader cryptocurrency market trends, macroeconomic news, developments within the Shiba Inu ecosystem, social media mentions by influential figures, and token burns or layer-2 scaling solutions.

Yona has no crypto positions and does not hold any crypto assets.

Shibe Inu's price chart displays a positive trend, as per analyst forecast, anticipating an upward price surge.