Shiba Inu could surge 450% soon, driven by its sustained breakout despite recent dips.
Javon Marks, a pseudonymous analyst, has discovered a long-term trend for SHIB that is indicative of a significant price rally in the near future.
According to his post, SHIB is currently trading above the level at which it broke out in late 2022, which is a strong indicator that the price will continue to rise. Marks identifies the $0.000081 level as one of the most significant price targets for SHIB, suggesting an upward trajectory.
Given that the current price of Shiba Inu is $0.00001436, the anticipated price of Shiba Inu represents a tremendous 450% increase for the most popular meme coin.
Marks stated that the Shiba Inu continues to maintain its breakout, which occurred in the latter half of 2022 and the early part of 2023, and that prices have remained significantly favorable ever since. As long as this price breakout continues to hold, the objective for SHIB will remain at the $0.000081 point, which is currently more than 450% away.
As evidence for the anticipated price point, Marks cites the on-chain data of the SHIB and emphasizes the presence of “textbook bull signals” in long-term charts. He goes on to say that the gradual rate of the run beginning in late 2022 is evidence that a bullish run will eventually inevitably occur.
According to Marks, “this slower action can be helping to aid the longevity and scale of this run,” which means that this target level is looking more and more likely to be broken above as a result of this sideways action.
Shiba Inu Continues To Trade Sideways
The price of Shiba Inu is currently hovering around $0.00001446, which is a 1% increase over the past twenty-four hours. The top memecoin continues to tread water as it pursues a breakout, despite the fact that its chart for the past seven days shows a little decline.
The market capitalization of Shiba Inu is now determined to be $8.5 billion, and the daily trading volumes of the cryptocurrency are $273 million. Currently, market participants are closely monitoring an impending death cross that could trigger a price dip. Optimistic merchants believe that the death cross could instigate a twenty percent increase in the price of Shiba Inu, citing a pattern that occurred in 2023.
