Market analyst Javon Marks is optimistic about Shiba Inu’s potential to rally towards the $0.00015 price territory, capitalizing on the recent price upswing. Marks highlighted a bull flag pattern formed by the dog-themed asset in the six-day timeframe, which typically indicates a consolidation before a continuation of the uptrend.
To provide context, Shiba Inu experienced a significant uptrend from February 25 to March 5, reaching a yearly high of $0.00004567 with a surge of over 370%. However, the asset faced resistance at the $0.000045 level, which was expected due to a supply wall confirmed by IntoTheBlock data. The correction that followed, combined with the broader market turbulence, led to the formation of a bull flag.
Fortunately, the crypto market recently witnessed a resurgence, led by Bitcoin’s rally above $71,000 for the first time in over a month. Shiba Inu took advantage of this market rebound and experienced an impressive price spike, reclaiming the $0.000026 threshold for the first time in two weeks. Despite encountering resistance at this level, SHIB closed with a 9% increase, successfully breaking above the prevailing bull flag.
To maintain this breakout, Shiba Inu must defend against any drops below the support level at $0.0000246. A drop below this point would result in a return to the bull flag. To mitigate the risk, the bulls need to hold $0.0000249, which aligns with Fibonacci 0.236.
Looking ahead, Marks expects Shiba Inu to continue its upward momentum, pushing towards the $0.000081 level, 9% below its all-time high of $0.00008845. If SHIB surpasses this level, the analyst sets a higher target of $0.0001553, representing a 511% increase from the current price.
Interestingly, another analyst, Eunice Wong, predicted last month that Shiba Inu was on the brink of a second upswing. Wong set a target of $0.000125, indicating a 409% rise. SHIB now relies on gradual accumulation to pursue these targets.
Market data reveals that the Accumulation/Distribution metric for Shiba Inu increased to 7.58 trillion SHIB, a significant uptick from the previous measurement of 7.34 trillion on April 30. Despite a 2% decline today, investors have continued to withdraw their tokens from exchanges, according to Coinglass data.
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