SHIB Price Expected to Soar By 348%, According to Analyst
The cryptocurrency market started the week with little movement after a strong performance the previous week. Bitcoin led the market recovery with an over 8% surge, and Shiba Inu also gained 7.3% during the same period.
Analyst SHIB Price Prediction
However, the market has since experienced a downturn, with Shiba Inu giving up most of its gains from the previous week. Despite this, analyst Javon Marks believes that the second-largest meme coin by market cap is still poised for a 348% surge to $0.000081.
Marks, in an October 22 tweet, stated that Shiba Inu is likely to reach his price target near its all-time high following a structural breakout. He previously noted the formation of a hidden bullish divergence on the 6-day timeframe, signaling an impending price uptick.
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Marks highlighted multiple bullish patterns that confirm the breakout from the divergence structure, which he believes will drive Shiba Inu to $0.000081. This would require SHIB to surge over 348% from its current price of $0.0000178 to meet the analyst’s price expectation.
While Shiba Inu has made some progress following the breakout, Marks anticipates significant appreciation from this point onwards. He also argued that SHIB’s sustained trend above the hidden bullish divergence breakout further confirms the impending bullish surge to a multi-year high.
Marks described Shiba Inu’s current consolidation as “the early stages of a massive continuation.” Shiba Inu faced significant resistance near the $0.00002 mark on Monday, correcting over 8% since that level. This demand zone has been a major obstacle to Shiba Inu’s sustained uptrend, with multiple analysts highlighting its importance.
Other Analyst Stance
Analyst SwallowPremium predicted recently a move downward from the resistance zone, targeting a 26.5% downtrend to $0.00001407. The analysis emphasized the significance of the $0.00002 resistance, indicating that it would determine SHIB’s next course of action.
However, another analyst, Jack, expressed a positive outlook for SHIB, suggesting that the meme coin will surpass the resistance. Jack predicted a 51% surge to $0.000027 after overcoming this hurdle.
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