Crypto Analyst Predicts Further Upside For #shibaInu , Here’s The Target
Shiba Inu (SHIB) has undergone significant consolidation after a recent surge. Despite a 13% decline in the past week, it remains up by 210% over 30 days. Analyst Javon Marks predicts another breakout, targeting $0.000081, followed by a 90% increase to establish a new all-time high.
- SHIB's Recent Surge:
SHIB soared by 280% from $0.00001178 to $0.00004456 from February's end to March 5, outpacing many #cryptocurrencies. The surge was accompanied by a trading volume peak, totaling $31 billion within a week, as per Kaiko data.
- Analyst Forecast:
Marks had earlier forecasted SHIB to hit $0.000081 in October 2023, with the recent surge validating this prediction. A sustained trading above this level could lead to a further 90% upside, reaching $0.0001553, marking a new all-time high.
- Current Status:
Following its peak, SHIB retraced to trade within $0.0000365 to $0.0000275 range. On-chain data indicates increased trading volume, particularly in large transactions exceeding $100,000, suggesting accumulation or potential selloff contributing to the recent price decline.
- Factors Driving Growth:
Key factors fueling SHIB's growth include decentralization, global accessibility, a robust community, and an efficient deflationary burn mechanism. Over 25.6 million $SHIB tokens were burnt within 24 hours, demonstrating the community's commitment to reducing token supply.
Source - newsbtc.com
