Shiba Inu (SHIB), the popular meme coin, could be on the verge of a significant price increase, according to prominent market analyst Javon Marks. This prediction comes despite the recent cryptocurrency market crash that saw SHIB’s value plummet by 40% since June.
Marks’ optimism stems from SHIB’s ability to hold above a key resistance level. Prior to January 2023, SHIB remained below a downtrend line for nearly 450 days after reaching its all-time high of $0.00008845 in October 2021. However, a price surge in January saw SHIB break free from this resistance, and it has remained above it ever since.
This sustained climb above the resistance line, according to Marks, signifies an impending price pump for SHIB. While bearish sentiment currently dominates the market due to the recent turbulence, Marks believes SHIB’s position above the resistance indicates the potential for the previously projected uptrend to materialize.
Analyst Sets Ambitious Targets for SHIB
Marks has outlined two potential price targets for SHIB in the anticipated recovery. The first target sits at $0.000081, a level he has consistently advocated for. This target represents a substantial 405% increase from SHIB’s current price of $0.00001595.
The second target, an even bolder prediction, places SHIB at a new all-time high of $0.0001553. Reaching this target would require a staggering 873% increase.
Obstacles on the Road to Recovery
Before SHIB can reach these ambitious targets, it must overcome some immediate hurdles. The token faces resistance at $0.000016, with the first major obstacle positioned at $0.00001667. Successfully breaching this resistance level could pave the way for SHIB to reach the 38.2% Fibonacci retracement level of $0.00001912.
Furthermore, analysts like Santana believe SHIB might experience a brief dip before embarking on its projected upswing. Bulls will need to decisively close above the 20-day SMA ($0.00001697) to solidify a move towards $0.00001912.
Also Read: Can Shiba Inu (SHIB) Moon Again? 7.6 Million Percent Gain Analyzed
Technical Indicators Suggest Potential Consolidation
Looking at technical indicators, SHIB’s RSI sits at 46, while its Stochastic RSI is at 55. This neutrality suggests that SHIB is neither overbought nor oversold, potentially indicating a consolidation period. The recent halt in price decline followed by a slight rise before consolidation hints at a possible shift in momentum, but further confirmation is needed.
Conclusion
While the future trajectory of SHIB remains uncertain, Javon Marks’ analysis provides a bullish outlook for the meme coin. SHIB’s ability to hold above a key resistance level offers a glimmer of hope for investors, despite the prevailing bearish sentiment. Whether SHIB can conquer the upcoming hurdles and reach the lofty targets set by Marks remains to be seen.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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