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According to an analysis, Shiba Inu targets price levels last seen in December 2024, backed by two positive chart developments.
Notably, top analyst Javon Marks highlighted this in his recent Shiba Inu price prediction, tipping the second-largest meme coin by market cap to extend its current form. Specifically, the market commentator predicted a possible rally to $0.000032, which marks an over 246% increase at the time of the analysis.
Catalyst for Shiba Inu Rally
Shiba Inu increased by 22% last week, shifting momentum bullish. Marks shared in an accompanying 2-day chart that SHIB had just broken out of a descending triangle, spurred by the recent price action.
Remarkably, the triangle began forming after Shiba Inu started retracing from its December 2024 high of $0.0000334. The triangle suppressed the token’s price, resisting all bullish attempts to break above the upper resistance until recently.
SHIB rallied 16.81% on the first two days of January and 11.5% in the past two days, ensuring it broke out of the descending triangle. Marks highlighted that this move would initiate a substantial upside to his target of $0.000032.
Bullish Divergence Supports Uptrend
Furthermore, the analyst pointed to a sustained bullish divergence in the asset’s price. Notably, he had earlier identified this positive development in a December commentary, noting that the token’s price diverges from its relative strength index (RSI).
While prices made lower lows within the triangle, SHIB’s RSI made higher lows. For context, the token dropped from around $0.0000115 in early March to its December low of $0.00000682, while its RSI showed strength within this period. Notably, this pattern suggests weakening selling pressure despite the price downtrend, signaling that a price reversal is on the horizon.
A combination of the bullish divergence and the price breakout forms Marks’ basis for his prediction that Shiba Inu would reach the multi-month high of $0.000032. At the time of his analysis, SHIB trades at $0.0000090. However, the meme coin has retraced slightly to $0.00000871, increasing the percentage rise from the 246% that he mentioned to 267%.
Shiba Inu to $0.000032+
Meanwhile, the analyst has been consistent in his call that SHIB would reach $0.000032, predicting a retest of the December 2024 price high in each of his past analyses. Notably, his analysis is not the only one now foreseeing the price coming to reality.
Charting Guy highlighted a potential breakout from a weekly descending trendline following a good start to the year for the token. With a similar RSI move also forming, the token could be set for a retest of the December 2024 peak price of $0.0000334, an area where the neckline resistance emanated from.