SHIB breaks out of a Falling Wedge pattern, signaling a potential 432% price surge.
Analyst Javon Marks suggests SHIB could hit a target of $0.000081 soon.
A confirmed bullish divergence strengthens the case for a significant upward trend.
Shiba Inu (SHIB) appears poised for a significant rally, according to prominent crypto analyst Javon Marks. Marks highlighted that SHIB has been trading within a large Falling Wedge pattern on the daily chart. This chart pattern often suggests that a strong upward move might be imminent.
Breakout Signals a New Wave of Gains
SHIB has broken out of this Falling Wedge pattern. According to Marks, this breakout could be the catalyst for a substantial price surge.
Marks noted that a breakout could potentially push the price of SHIB to $0.000081. This target price represents a remarkable 432% gain from the current price levels.
https://twitter.com/JavonTM1/status/1826986982364356685
Additionally, Marks believes that the initial stages of this rally may already be in motion. This means that SHIB could see significant upward momentum in the coming days.
Bullish Divergence Strengthens the Outlook
Javon Marks previously identified a regular bullish divergence in SHIB's price action in addition to the Falling Wedge breakout. A bullish divergence occurs when the price makes lower lows while a momentum indicator, such as the RSI, makes higher lows.
Divergences often signal a potential reversal in the trend, which could lead to a strong price increase. Marks asserts that this bullish divergence, now confirmed by the breakout, strengthens the case for a major upward trend.
He also pointed out in an earlier post that this setup could trigger the next phase of heavy bullishness for SHIB, with the potential for a 498% climb. This would be a continuation of SHIB's recent breakout from a larger pattern.
Generally, this would indicate that the underlying asset is building momentum for a significant move. With the current technical set up, the price of SHIB might surge in the coming few days.
The post Shiba Inu’s Bullish Breakout: Analyst Predicts 432% Upside After Key Pattern Reversal appeared first on Crypto News Land.
