Veteran market analyst Javon Marks anticipates a substantial upswing for Shiba Inu (SHIB), forecasting a potential price range between $0.000081 and $0.0001553. This optimistic outlook comes as SHIB exhibits strength during its current recovery phase.
In the past two weeks, Shiba Inu, like many cryptocurrencies, experienced a correction that resulted in a price dip of over 14%. However, SHIB has since rebounded by 17.10% this week, suggesting the beginning of a fresh uptrend.
Read Also: Based On Historical Patterns, Analyst Says Shiba Inu (SHIB) Is Set For New ATHs. Here’s the Chart
Impressive Strength and Potential for Growth
In a post on X, Javon Marks emphasizes that Shiba Inu’s recent upward momentum demonstrates a remarkable level of strength. This strength could propel the meme-inspired cryptocurrency to reclaim the $0.000081 zone, a price level not seen since its all-time high of $0.00008845. Should this occur, SHIB could create a launchpad to retest or even surpass its previous ATH.
The analysis further notes that Shiba Inu has decisively broken free from a 16-month downward resistance trend. This encouraging development bolsters the bullish outlook for the asset. Should the momentum continue, Marks projects further growth towards $0.0001 and even a new all-time high of $0.0001553 – a roughly 90% rally.
$SHIB (Shiba Inu) has returned with signs of major strength here and can be ready for another massive leg up towards the $0.000081 target!
With prices remaining broken out of the displayed resisting trend and showing substantial progress since, another +141% upside to reach this… https://t.co/ndjcoduVZ9 pic.twitter.com/IYBxliQMnf
— JAVON⚡️MARKS (@JavonTM1) March 28, 2024
Key Price Levels and Market Sentiment
To reach these ambitious targets, Shiba Inu will need to overcome several resistance levels. A crucial hurdle lies within the price range of $0.000056 to $0.000131, based on IntoTheBlock data. Despite existing resistance, the broader crypto market appears confident that Shiba Inu can surpass the $0.0001 zone.
According to data from CoinMarketCap, Shiba Inu is currently trading at $0.00003064, with a 39.48% decline in its 24-hour trading volume reaching $1.04 billion. Investor interest suffered a slight setback with Open Interest (OI) decreasing by 4.52% within the last 24 hours to $106 million.
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Read Also: Shiba Inu (SHIB) Number of Addresses Reaches New ATH as Community Anticipates Shibarium Launch
Beyond Technical Analysis
Shiba Inu’s potential for growth doesn’t rest solely on technical indicators or market dynamics. The SHIB Army’s passion and unwavering support provide a unique edge within the cryptocurrency space.
Times Tabloid recently reported the SHIB Army’s excitement at Shytoshi Kusama’s response to Ethereum co-founder, Vitalik Buterin’s tweet, where he shared his surprise at SHIB’s massive growth.
As the project continues to evolve, this dedicated community could be the key factor in propelling SHIB towards new heights.
It’s important to remember that cryptocurrency markets are highly volatile. While Marks’ analysis suggests a bullish scenario for Shiba Inu, investors should conduct thorough research and consider their risk tolerance before investing.
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