Shiba Inu ended 2024 on a strong note, showing signs of significant bullish momentum. Cryptocurrency analyst Javon Marks has identified key indicators suggesting that this asset will experience a significant price increase in the coming months. As of now, the token is trading at $0.00002242, reflecting a 7.9% increase in the past 24 hours. Marks pointed out that this token recently broke through a major resistance trendline that had constrained its price growth. Following this breakout, SHIB reached a seven-month high of $0.00003329 in early December.

However, the price increase was followed by a corrective phase, during which the asset returned to most of the gains. This correction saw the token drop back to lows around $0.0000186, erasing much of the previous progress.

Despite this pullback, Marks notes that the asset has successfully retested its breakout level as a new support zone. Since then, it has recovered and is currently consolidating in the $0.000022 range. Marks views this development as a strong bullish signal, emphasizing that the ability to hold above the asset's breakout level sets the stage for a continued bullish move.

Price Forecast

Javon Marks has set an optimistic price target of $0.000081 for Shiba Inu, a price that would increase over 270% from the current trading level. This price marks a significant area that SHIB faced considerable resistance in the previous market cycle.

Marks has consistently identified $0.000081 as the primary target for the token throughout 2024 and still believes that the token will eventually reclaim this level. In addition to this prediction, he suggested that Shiba Inu could reach a peak of $0.000155 in the current bull market. This higher target represents an unprecedented price level for the token, signaling significant growth potential if market conditions remain favorable.

Hidden Bullish Divergence

One of the factors supporting the bullish outlook for this digital asset is the presence of hidden bullish divergence on its price chart. This phenomenon occurs when the price of an asset forms higher lows while momentum indicators show lower lows, indicating fundamental strength and the potential for the next bullish move.

Marks has emphasized this divergence as a crucial component of Shiba Inu's bullish narrative. Combined with the asset's ability to maintain its position above the critical breakout level, this divergence reinforces the case for continued price increases.

With Shiba Inu holding above key support levels and displaying strong bullish signals, analysts are optimistic about its short-term performance. Marks' target of $0.000081 reflects significant growth potential, while his higher forecast of $0.000155 suggests even greater opportunities for long-term investors.