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A popular crypto chartist speculates that Shiba Inu could be gearing up for a major rally toward the $0.000081 price region.
In recent weeks, Shiba Inu holders have experienced losses, with SHIB’s price plunging in tandem with a broader market downturn. Shiba Inu, which reached a 30-day high of $0.00001417 on August 14, is currently trading at $0.00001228, marking a 13.3% decline.
Bullish Divergence Confirmed
However, analyst Javon Marks believes Shiba Inu’s downtrend could soon be a thing of the past. According to him, Shiba Inu has confirmed a bullish pattern in a regular bullish divergence with the MACD histogram — a momentum gauge that indicates trend changes.
With SHIB currently priced at $0.00001228, a 163% surge could see the token trade at $0.00003229. The last time SHIB traded around the $0.00003 region was in early December, following the re-election of President Donald Trump.
Interestingly, Marks suggested that Shiba Inu’s climb to $0.00003 may only be the beginning of a much larger upward movement. If the bullish momentum continues, the analyst predicts that Shiba Inu could surge over 570% toward the $0.000081 price level.
Mark’s $0.000081 Target
It is worth noting that Marks has maintained this $0.000081 target since last year. He has consistently updated his followers about Shiba Inu’s performance and the asset’s path to the $0.000081 target.
As in previous analyses, Marks did not share when the highly anticipated $0.000081 prediction would materialize. Achieving this target puts Shiba Inu closer toward reclaiming its peak price of $0.00008845.
Several analysts believe that Shiba Inu will surpass its previous peak price this year, with some projecting a climb to $0.0001 and beyond.
At its current price of $0.00001228, Shiba Inu would need to climb 559% to reach Mark’s $0.000081 target and 623% to revisit its previous all-time high of $0.00008845.