Analyst Javon Marks predicts SHIB could rise 470% to reach $0.000081 if trends hold.
SHIB breaks out of the Falling Wedge pattern, signaling the potential start of a major rally.
SHIB gains follow the crypto market rally after the Federal Reserve interest rate cut.
Crypto analyst Javon Marks has recently expressed his bullish view on Shiba Inu (SHIB) and predicted its price growth. In an X post on Thursday, Marks stated that SHIB could hit a price target of $0.000081, a 470% rise from the current levels. This potential breakout could signal a new growth phase if the market remains favorable for the coin’s upward trend.
$SHIB (Shiba Inu)'s BREAKOUT HOLDS and its first larger target remains over 470% away at $0.000081!
This breakout can be the catalyst for significant upside movement towards the meeting of this target… https://t.co/A2190BhCdZ pic.twitter.com/9cEmSmkmaW
— JAVON
MARKS (@JavonTM1) September 19, 2024
Bullish Market Signals
As Marks pointed out, this major rally may begin with the recent SHIB price breakout. He noted that the token has been trading inside the Falling Wedge pattern on the daily chart, a bullish pattern among technical traders. This breakout suggests that SHIB may be at the start of a larger market trend. Investors are now watching the next few weeks to see if this trend will continue.
This positive outlook is also in line with SHIB’s current price performance. Over the past day, SHIB has been on an upward trend, gaining about 8.07% in value. As of press time, SHIB is trading at $0.00001424.
This has been in tandem with the overall recovery of the cryptocurrency market, which has been attributed to the U.S Federal Reserve’s move to reduce interest rates by 0.5%. This has positively impacted market sentiment, and investors are now looking for high-growth potential assets such as SHIB.
Long-Term Projections
Changelly data shows that SHIB may be able to regain its previous all-time high by the year 2026 or 2027. This projection is still quite optimistic but more conservative than the more aggressive goal of $0.054.
According to Telegaon, SHIB may achieve this by 2040, meaning that investors would have to wait for quite some time to see these gains.
However, many SHIB enthusiasts still believe in the token’s potential despite the long-term issues. They consider the present market situation a chance for SHIB to build a strong base for long-term growth. Shiba Inu’s future would interest analysts and investors as the crypto market grows. The next few months may be decisive for the further development of the situation and the possibility of SHIB continuing the predicted growth.
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