thecryptobasic.com
Community analyst Javon Marks argues that Shiba Inu could be gearing up for a major rebound that could see it spike by more than 150%.
In an X post, Marks highlights a regular bullish divergence forming on Shiba Inu’s chart over the two-day timeframe. For the uninitiated, a bullish divergence is a technical signal that often indicates a potential trend reversal, suggesting a shift from a downtrend to an uptrend.
Confirming the formation of a bullish divergence, Marks suggested that the signal could pave the way for a major SHIB recovery.
Despite SHIB’s underperformance, Marks has consistently projected a return to $0.00003 since July, keeping his nearly 60,000 followers on X updated with the latest price action. Last month, he expressed confidence that Shiba Inu would reach $0.00003, noting that it is only a matter of time before the projection materializes.
In one of his updates, he stressed that Shiba Inu’s spike to $0.000032 could be the beginning of a broader bullish reversal. He forecasted the uptrend could extend toward $0.000081, putting SHIB within striking distance of its previous all-time high of $0.00008845.
Shiba Inu Already in the Green
Shiba Inu kicked off October with renewed momentum, with its community members rallying behind the ‘Uptober’ rally expectations. It started the month on a good note, soaring over 6% on October 1.
This spike strengthened community sentiment across social media platforms. Consequently, some proponents have pointed to the significant gains that October has historically brought for SHIB, particularly in 2021, when the asset spiked by more than 800%, reaching $0.00008845.
Amid the growing optimism, pundit YourPop noted that Shiba Inu will register a new all-time high this year.
Despite starting the month on a positive note, Shiba Inu has corrected slightly, with its price dropping 1.47% over the past day. However, the canine-themed token boasts a month-to-date gain of 5.29%.