Shiba Inu has experienced a sharp decline amid the broader crypto market correction.
Analyst Javon Marks believes the current dip could lead to a substantial price increase.
Market intelligence platform Santiment reports negative sentiment towards SHIB is at its highest level this year..
Shiba Inu (SHIB), the popular meme-based cryptocurrency, has suffered a significant price drop amid a wider crypto market correction.
Despite falling 12% in 24 hours compared to Bitcoin’s 1% drop and hitting a four-month low, some analysts believe this downturn presents a buying opportunity and that the token’s long-term prospects remain positive.
Over the past week, Shiba Inu has declined over 20%, with a 29% drop in the last 30 days. Despite the bearish trend, analysts like Javon Marks believe this correction could pave the way for a substantial price increase.
$SHIB (Shiba Inu)'s price is still up over 100% since breaking out of the displayed resisting trend which can be letting us know that a RUN is IN-EFFECT!With prices being broken out, the target is at $0.000081, meaning another +294% upside from here to reach it can take place… https://t.co/768GdhkTAk pic.twitter.com/pVoXrcqkBE
— JAVON⚡️MARKS (@JavonTM1) June 17, 2024
In his latest analysis, Marks asserts that Shiba Inu maintains a notable percentage of the gains accumulated during its last bullish wave.
Notably, on February 21, SHIB traded at a low of $0.000009333. By the end of the month, the asset had surged to $0.00001462, marking over 50% growth. This uptrend continued until March 5, when SHIB stalled at the $0.000045 mark.
Currently priced at $0.00001775, Shiba Inu remains up by over 91% from its February 21 low. Analyst Marks believes this significant holding is evidence that the bullish trend remains intact. He projects a 294% increase in price, which would bring Shiba Inu close to its 2021 all-time high.
Moreover, he emphasizes that the recent market pullback could actually fuel a substantial price rally, targeting prices between $0.000081 and $0.0001553.The argument for a Shiba Inu bull rally is further supported by recent insights from market intelligence platform Santiment, which reveal that negative sentiment toward SHIB is at its highest level this year. Santiment suggests that the current prices of SHIB present a prime buying opportunity for patient investors.
The post Can Shiba Inu Defy the Crypto Market Downturn? Analysts Weigh In appeared first on Coin Edition.
