Prominent crypto analyst, Javon Marks, has suggested that Shiba Inu (SHIB) may be on the verge of reaching new all-time highs based on an analysis of its historical price movements.
Shiba Inu (SHIB), currently down relatively 90% from its all-time high of $0.00008845 attained in October 2021, has caught the attention of crypto analyst and community influencer Javon Marks. Marks believes that SHIB is poised for an upward surge that could lead to new ATHs.
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Marks revealed this optimistic projection after closely examining Shiba Inu’s recent price movements. His prediction is rooted in the observation of SHIB’s historical price patterns, particularly during the period leading up to its previous all-time high.
$SHIB (#ShibaInu) may be ready to set new All Time Highs… pic.twitter.com/m2ep5PJR0L
— JAVON⚡️MARKS (@JavonTM1) August 29, 2023
The Power of the Triple Bottom
One key observation made by Marks is the presence of a triple bottom pattern in Shiba Inu’s price chart. This pattern involves the price of an asset dropping to a specific level three times before rebounding. It creates a distinctive formation with three troughs or lows occurring around the same price level.
When a triple bottom pattern emerges, it suggests that the asset’s price has reached a strong support level and is likely to reverse its downward trend, potentially leading to a significant upward movement.
In SHIB’s case, the first bottom occurred when its price dipped to the $0.00000628 range in June 2021. A brief recovery followed, but it was short-lived, causing SHIB to drop again to a second bottom of $0.00000631 in August 2021.
The formation of a second recovery campaign after this second bottom faced resistance, resulting in the creation of a third bottom at $0.00000606 in September 2021. From there, Shiba Inu experienced an impressive rally, soaring to its all-time high of $0.00008845. This surge represented a staggering 1,359% increase from the September 2021 bottom.
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Another Triple Bottom Formation
Remarkably, Javon Marks’s analysis reveals the emergence of another triple bottom pattern in Shiba Inu’s price chart. The first bottom of this cycle was established when SHIB dropped to the $0.00000818 zone in June 2022.
The second bottom occurred at $0.00000791 in December 2022, followed by a shocking third bottom at $0.00000543 in June 2023. These three lows bring anticipation for the next recovery campaign, which could potentially propel Shiba Inu to new highs.
At the time of press, SHIB is trading at $0.000008283, reflecting a 1.37% price increase over the past day.
Considerations and Uncertainties
While the triple bottom pattern signifies a strong support level and potential upside for Shiba Inu (SHIB), Marks cautions that establishing a fourth bottom could diminish the pattern’s significance. A fourth bottom would suggest that the support level is less robust, introducing an element of uncertainty. However, this does not completely negate the pattern’s relevance.
Only time will tell if Shiba Inu will follow the historical trend and experience a remarkable surge to new all-time highs. Market participants eagerly await the outcome, keeping a close eye on this popular dog-themed cryptocurrency’s price movements.
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