Shiba Inu (SHIB) has experienced a significant price correction in recent weeks, mirroring the broader cryptocurrency market trend. Despite the bearish sentiment, a prominent crypto analyst, Javon Marks (@JavonTM1), remains optimistic about SHIB’s future price trajectory.
SHIB is trading at $0.00002585. The meme coin has shed over 22% of its value in the past week, and many attribute this decline to Bitcoin’s decline from its all-time high in early March.
However, Avalanche (AVAX) has climbed over 30% over the past week, Solana (SOL) has climbed over 36%, and the market is showing signs of recovery. However, SHIB has remained subdued, with an 11% decline over the past 24 hours.
Analyst’s Bullish Prediction and Past Performance
Javon Marks, a well-respected analyst in the crypto space, continues to hold a bullish view on SHIB. He believes the recent price drop is temporary and that the token is primed for another significant upswing. Marks has a longstanding price target of $0.000081 for the digital asset, a target that was initially set in late September 2023.
Marks pointed out that SHIB has climbed over 531% since he set that target, highlighting the meme coin’s potential for further growth.
Since the attached and more original analysis, prices of $SHIB has shown MASSIVE STRENGTH, climbing approximately +531%, but these prices can be set for even more growth!
With the breakout target still at $0.000081, prices of Shiba Inu could have another +147% move coming.
A… https://t.co/ZjA5onlnBO pic.twitter.com/YuUllePvbl
— JAVON⚡️MARKS (@JavonTM1) March 13, 2024
Potential for Short-Term Gains
While acknowledging the impressive gains achieved so far, Marks emphasizes that his $0.000081 target remains achievable. Marks’ analysis shows that SHIB will need to climb 147% to reach this target.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Long-Term Price Potential and Reaching New Highs
Marks’s bullish outlook extends beyond the short-term price target. He argues that surpassing the $0.000081 level could pave the way for SHIB to reach even greater heights. Specifically, he suggests that SHIB has the potential to climb another 90% after reaching $0.000081, propelling it to a new all-time high of $0.0001553.
So, for SHIB to reach a price of $0.0001553 from the current price of $0.00002585, it will have to rise 501%.
Marks’s analysis provides a counterpoint to the recent bearish sentiment surrounding the digital token. While acknowledging the short-term market correction, Marks highlights SHIB’s impressive gains over the past year and emphasizes the potential for further growth.
Other analysts have also shared lofty targets for SHIB, with one recently predicting that the crypto asset will be the first meme coin to reach a $100 billion market cap. Marks’s price targets offer investors a potential roadmap for SHIB’s potential price trajectory, with the possibility of surpassing its all-time high and venturing into uncharted territory.
Follow us on Twitter, Facebook, Telegram, and Google News.
