Shiba Inu (SHIB) expected to hit a record high
A cryptocurrency analyst predicts that the Shiba Inu (SHIB) price is poised for a major rally that could see it break new all-time highs.
Cryptocurrency analyst Javon Marks, who goes by X (formerly Twitter), expressed his bullish forecast for the Shiba Inu price in an analysis published on X (formerly Twitter). Marks has been publicly supportive of the coin and continued to predict in his recent analysis that once the uptrend is complete, he predicts that the meme coin will reach new all-time highs.
The analyst revealed that the price of Shiba Inu Coin had been trading within a small bull flag pattern. However, the meme coin has managed to break out of the bull flag pattern and could see a rebound as a result. The analyst explained: “This breakout could be enough to spark another major uptrend in the current already large uptrend!”
The main reason why this breakout is important is what level the price will eventually reach. The analyst first believes that the price will exceed the current all-time high of $0.000081. Then, if the current upward momentum continues, Marks expects SHIB to rise to $0.00015.
Cryptocurrency analyst Javon Marks’ latest analysis of the Shiba Inu is just the latest in a string of bullish predictions from him. Since September 2023, Marks’ forecasts show the price of the SHIB rising by more than 200%.
Despite the significant price increase since the first analysis was published, Marks believes that the memecoin’s upward momentum is far from over. This was also reiterated in the previous analysis, which expects the upward trend to continue until it breaks through $0.000081.
Currently, as the price of Bitcoin falls to $66,000, SHIB price is still facing challenges from the negative sentiment in the cryptocurrency market. In the past day alone, its price fell by 9.42%, and the loss on the weekly chart also reached 18.16%.
For the uninitiated, the Shiba Inu price has increased by 85,000,000% (85 million percentage points) from 2020 to October 2021. In less than 15 months, the Shiba Inu has seen an incredibly impressive increase in price. Therefore, even a simple $1,000 investment in a Shiba Inu would have turned into over $1 million by the end of 2021.
SHIB’s early investors reaped all the rewards from the token and took full advantage of the bull run. Moreover, investors who entered the market from 2022 onwards are mostly in the red as SHIB is on a downward trend. Despite this, SHIB investors still believe that the token will rise again and make them millions of dollars. Whether their wish will come true, only time will tell.
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