- Shiba Inu (SHIB) could surge 508% to a new all-time high, according to market analyst Javon Marks.
- Technical indicators suggest a breakout from a bullish pattern, potentially leading to significant price gains.
Shiba Inu (SHIB), the popular meme coin, is showing signs of a resurgence. After a period of consolidation, analysts are predicting a potential breakout that could send SHIB prices soaring.
Javon Marks, a well-respected market analyst, believes Shiba Inu (SHIB) is poised for a major rally based on the formation of a technical indicator known as a bull flag pattern. This pattern typically indicates a pause after a price increase, followed by a resumption of the upward trend.
In SHIB’s case, the initial uptrend occurred between February and March 2024, when its price skyrocketed by over 370%. However, it faced resistance at this level, followed by a correction due to broader market weakness.
Bullish Signs and Breakout Potential
Recent positive developments, including Bitcoin’s climb above $71,000 and a general market recovery, have fueled SHIB’s resurgence. The meme coin has reclaimed the $0.000026 threshold, a key level for a potential breakout from the bull flag pattern.
For the breakout to be sustained, Shiba Inu (SHIB) needs to hold above $0.0000246. This level acts as crucial support, and a drop below it could send the price back within the consolidation pattern.
Analyst’s Targets and Bullish Sentiment
Marks predicts a potential 210% increase for Shiba Inu (SHIB)), reaching $0.000081, close to its all-time high. If SHIB surpasses this resistance, a further surge towards $0.0001553, a staggering 508% increase from its current price, is possible. This would mark an all-time high for the meme coin.
The formation of a bullish pennant alongside the bull flag pattern further strengthens the bullish sentiment around SHIB. These technical indicators suggest a potential for significant price gains in the near future.