thecryptobasic.com
While Shiba Inu (SHIB) has leveraged the latest market-wide uptrend to claim higher grounds, some market analysts believe further upside to new ATH looms.
Market commentator Javon Marks is one individual championing this bullish outlook. The analyst had identified bullish structures around Shiba Inu in the 6-day timeframe when the current bull run was still in its early phase as of Nov. 3.
Shiba Inu Sustains Uptrend
At the time, Shiba Inu had increased to a price of $0.0000193, knocking at the $0.00002 psychological price territory. Now, a week after this analysis SHIB has jumped 57%, as it now changes hands at $0.00002578.
Meanwhile, according to Javon Marks, this spike might only be the beginning, with further substantial gains potentially on the horizon. Marks’ latest analysis spotlights important developments on SHIB’s 6-day price chart that confirm the bullish projection.
The market analyst’s chart identifies hidden bullish divergences on the price action as the price springs upward. These signals often indicate sustained upward momentum, with the potential for further gains.
Marks had previously noted the significance of the hidden bullish divergence forming on SHIB’s chart. These divergences often indicate underlying strength, even when prices appear subdued. Combined with the ongoing bullish Bitcoin market, SHIB could be riding a wave of broader crypto market momentum.
The chart shows that SHIB has been on a steady upward trajectory since completing its bottom formation at $0.00001078 in August 2024. The breakout appears to have been confirmed, with the cryptocurrency now trading well above its previous resistance levels.
SHIB Could Target $0.0001553
In his earlier report, Marks confirmed that he believes this progression could set the stage for an explosive move toward $0.000081, about 8.6% from the all-time high of $0.00008845 attained in October 2021. The $0.000081 represents a potential 214% increase from current levels.
However, the latest analysis from Marks suggests the rally may not stop there. He projects a scenario where Shiba Inu breaks above the $0.000081 target and reaches new highs at $0.0001553.
If it materializes, this prediction will represent an over 500% surge from its recent price. Such a move would push SHIB to a new all-time high. This price level would take Shiba Inu to a market cap of $91 billion, representing a feasible goal for the meme coin.