This year, many analysts are convinced an altcoin rally is imminent with Shiba Inu set to benefit from this potential boost
Javon Marks, a renowned crypto analyst on X, shared insights into dog-themed Shiba Inu (SHIB). The analyst highlighted that SHIB is displaying “textbook bull signals” that could see its value soar. Marks predicts a potentially explosive uptick for SHIB in a post on X.
Bullish Momentum Driven by Technical Indicators
Notably, Marks’ prediction relies on current technical indicators and historical price patterns of the memecoin.
According to him, SHIB maintains strong support and could hit the $0.000081 target or something higher. He believes this climb will happen after SHIB completes its current consolidation phase.
$SHIB (Shiba Inu) CONTINUING with major strength here and still looks to be positioned for even higher as the breakout target at $0.000081 goes unchanged and is still in play!
This means another +140% move could happen, and if you’re aware of SHIB’s nature, it can QUICKLY ⚡️.… https://t.co/zXzx2ccTNN pic.twitter.com/AGUo8i3W9Z
— JAVON⚡️MARKS (@JavonTM1) December 7, 2024
The analyst suggests that given SHIB’s current strength, the initial target of $0.000081, representing an increase of +261% from the current price, is achievable. He emphasizes SHIB’s recent price action and technical analysis as pointers to these bullish projections.
Marks maintains that hitting the $0.000081 level could unlock further gains for the token and remove one zero from its price. He foresees a market where SHIB’s price climbs to $0.0001553, an additional +90% growth. Such a price level has been the dream of many investors in the ecosystem.
However, to achieve the bold price projections given by Marks, SHIB has to record a total gain of more than 585%. This paints a highly optimistic growth path for the dog-themed memecoin, which is currently struggling with price volatility in the market.
As of this writing, SHIB is exchanging hands at $0.00002104, down by 0.64% in the last 24 hours. Investors’ confidence also appears to have waned as market volume shows a 35.16% decline to $348.94 million.
Can Shiba Inu Defy Market Dynamics?
Despite this seemingly tough climb, Marks insists that SHIB has been known to make quick and dramatic upsurge once it has built momentum.
This historical trend of SHIB, he believes, makes his prediction realizable. According to him, once SHIB breaches the $0.00081 level, achieving the higher target of $0.0001553 should come easily.
As earlier reported by BGECrypto, analysis of Shiba Inu’s Elliott Wave hints at the likelihood of price registering double its current growth. According to the analysis, SHIB’s Elliott Wave has formed an ABC wave structure with the token in the C phase.
Meanwhile, other ecosystem activities, such as the burn mechanism, have been active in regulating supply. For instance, the Shiba Inu community engaged in massive deflationary moves in November, sending over 3 billion SHIB tokens to dead wallets. A tracker for the burning exercise placed the total figure at 3,162,301,655 SHIB in 167 transactions.
Market watchers believe that could drive up prices if the ecosystem could sustain such momentum. Additionally, SHIB developers must get creative for the memecoin to shock the broader crypto industry with price growth.
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