thecryptobasic.com
Market expert Javon Marks has persisted in his prediction that Shiba Inu would see much higher prices amid bullish divergence.
Marks reiterated this Shiba Inu price prediction in his recent commentary, even as the prominent meme coin shows signs of life. SHIB has built on its green weekly candle last week, with the over 5% gain since Monday aligning with the broader market trend.
The meme coin rallied to a weekly high of $0.00000952 on Thursday, up 26% from its mid-November low of $0.00000755. However, SHIB has pulled back slightly, trading at $0.0000882 at the time of writing.
Shiba Inu Continues in Bullish Divergence Path
Meanwhile, Marks noted that Shiba Inu has continued to follow a bullish pattern. The meme coin has maintained a bullish divergence on the 3-day chart, and the analyst insists this development will spur a recovery.
Specifically, since early July 2024, the meme coin’s price has made lower lows, while its relative strength index (RSI) has been in a higher low trend.
SHIB completed a lower low formation with its bottom of $0.0000126 in July 2024 and made a lower high to $0.0000334 in December 2024 before continuing to make new lows. However, its RSI has sustained an upward trend with higher lows since then.
SHIB on Course for 234% Rally
Notably, such bullish divergence usually precedes a price recovery. It shows that bears are losing their grip on the market, and downward momentum is nearing exhaustion.
While this price pattern has persisted for over a year now, Marks has remained unmoved in its ability to drive bullish price action for Shiba Inu. His Wednesday outlook builds on an October 2 analysis, where he also predicted a rebound for the dog-themed meme coin.
Mark’s target remains the same: a 234% recovery at the time of his Wednesday analysis to $0.000032. However, with SHIB correcting further at press time, this represents a 262.8% growth from the current market price.
Shiba Inu to $0.00003+
Remarkably, several other analysts share the view that Shiba Inu will soon reclaim $0.00003. One of those with this view is GehavianGoal, who stated that the token will “fly soon.” He predicted a rally to $0.0000335, a 2780% increase from here.
MMBTrader also sees this occurring, predicting a price jump to $0.000033 for Shiba Inu. However, a separate report highlighted that this recovery hinges primarily on the broader market trend and the token’s adoption.