Cryptocurrency

Analyst Spots Shiba Inu (SHIB) “Massive Bull Flag” With 222% Rally Potential

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.

Read Also: Top Analyst Foresees 294% Shiba Inu (SHIB) Price Rally

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.

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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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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