Cryptocurrency analyst Javon Marks @(JavonTM1) recently provided an optimistic update on SHIB’s price trajectory, suggesting a potential breakout from a recent consolidation phase and a subsequent surge toward new highs.
Previously, Marks identified SHIB as being in an “intermission” phase characterized by range-bound movement within a bearish consolidation. During this period, the price struggled to overcome resistance at the $0.000025 level. However, analysts noted the formation of a bullish flag pattern, a technical indicator often seen as a precursor to a continuation of an uptrend after a brief consolidation.
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Recent developments seem to validate this analysis. Shiba Inu exhibited robust performance with a three-day winning streak, culminating in a 17% price increase. This surge successfully breached the $0.000025 resistance level, propelling SHIB towards $0.00003. The meme coin hit $0.000029 before it met resistance and fell.
Marks interprets this breakout as a potential end to the intermission phase, paving the way for a new period of upward momentum. His report emphasizes the possibility of this new phase driving SHIB to a new all-time high.
Specifically, the analyst forecasts a potential 222% increase from the price at the time of his analysis, which could propel the price to approximately $0.0000886, surpassing the current all-time high.
This prediction keeps up the recent trend of predictions that SHIB can surpass its all-time high. The target is based on historical price movements where similar breakout patterns from consolidation phases resulted in substantial gains.
Crucially, Marks identifies $0.000081 as a key level to monitor. If SHIB can decisively surpass this level, a more ambitious target of $0.0001553 could become a reality.
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Read Also: Shiba Inu (SHIB) Forms Bullish Flag. Here’s the Significance
When Will SHIB Surpass its All-time High?
Marks stated that SHIB’s future looks bright but did not provide a specific timeline for the meme coin to reach its targets. However, he described the phase that could send SHIB to $0.0000886 as a speedy move.
Despite a 6.94% decline over the past 24 hours, SHIB is trading at $0.00002604. The meme coin stays above the crucial $0.000025 level, although it almost retested this level, reaching a 24-hour low of 0.00002566.
Nevertheless, analysts are confident, and a prominent analyst recently predicted a 600% surge for SHIB. The consensus among analysts is that a bull run is imminent, and 2024 could be the year SHIB finally sets a new all-time high.
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