Popular dog-themed meme coin Shiba Inu is currently making waves in the cryptocurrency market as it rides the bullish trend, attracting significant gains amidst the renewed momentum of the general crypto market. The recent surge in Shiba Inu’s price has sparked optimism within the community, with many anticipating a potential rally in the coming weeks.
Market expert and investor Javon Marks has conducted an analysis of Shiba Inu’s current price action and has identified strong indicators pointing towards a notable price surge in the near future. Marks predicts that SHIB is gearing up for a rally due to robust technical and chart indicators, which could serve as catalysts for further upward growth. His forecast aligns with a broader trend of Shiba Inu edging closer to its current all-time high of $0.000086 in this market cycle.
After several days of forming a bullish pattern that is expected to drive the meme coin’s price higher, Marks has confirmed that SHIB has officially entered a bull pattern. With prices showing signs of significant strength, he believes that Shiba Inu is now poised to join the bull market even more strongly. Marks is confident in SHIB’s potential to reach the $0.000081 level, which would require a 179% increase from its current value.
In addition to Marks’ analysis, seasoned crypto analyst and trader Ali Martinez has also predicted a rally for Shiba Inu, further fueling interest in the meme coin among both retail and institutional investors. Martinez has identified a short-term upswing for SHIB to the $0.000037 price level, citing a bull flag formation on the 1-hour time frame. However, he notes that Shiba Inu must break past the $0.000025 resistance range to confirm this upward movement.
Martinez has drawn parallels between Shiba Inu’s price performance and that of Dogecoin, the largest meme coin in the market. He points out aligning trends with historic patterns observed during Dogecoin’s rallies, suggesting that SHIB could potentially target $0.00049 as its next milestone in the ongoing market cycle.
Despite a recent drop in price to $0.00002844 from a high of $0.000033 on Sunday, Shiba Inu has seen a 7% increase in the weekly timeframe and a significant 61% rise in the monthly timeframe. The meme coin’s trading volume has also surged by approximately 37% in the past day, indicating continued interest and activity in SHIB.
As Shiba Inu continues to attract attention and gain momentum in the cryptocurrency market, investors are closely watching for further developments and potential price movements. With experts like Javon Marks and Ali Martinez forecasting a rally for SHIB, the meme coin’s future trajectory remains a topic of interest and speculation among traders and enthusiasts alike.