Currently, the Shiba Inu (SHIB) asset shows signs of bearish sentiment, however, the project's developers express confidence that the fourth quarter could be pivotal and bring a bullish impulse. Despite the price consistently holding below important moving averages, and the derivatives indicators looking not too promising, a large-scale promotion of the token to Asian markets is expected soon - especially in South Korea, Japan, and China.
This, according to the team, will lay the foundation for the formation of a sustainable upward trend. In the short term, the picture remains unfavorable: since February 2024, SHIB has been in a downward trend, and key technical indicators continue to signal weakness in the asset. The current price is below the 50-week simple moving average - an important benchmark for long-term trends. On the four-hour chart, quotes are 'stuck' below a descending logarithmic resistance level, and only a confident breakout can change the market's negative sentiment.
Nevertheless, the Shiba Inu team insists: a significant turnaround is just around the corner. From a technical perspective, the SHIB/USD pair has formed an important support zone around the $0.00001 mark. A potential 'inverted head and shoulders' pattern is emerging on the weekly timeframe, reinforced by a growing bullish divergence in the relative strength index (RSI). Lucy, the head of the project's marketing department, urged the SHIB community to focus on strategically expanding its presence in Asia. According to her, the growing popularity of the meme coin in this region will be no less significant a growth factor than regular token burning.
Analysts add that a general rise in the altcoin market could begin as early as September - if the U.S. Federal Reserve decides to lower the interest rate on September 17. Historically low rates make risky assets, including meme tokens, more attractive to investors seeking higher returns.
