Shiba Inu’s pursuit of reaching its all-time high (ATH) price is still on track, according to crypto analyst Javon Marks, despite the recent market downturn. While the broader crypto market had a slow start to the week following a period of bullishness, Bitcoin led a recovery by surging over 8% last week. Shiba Inu also experienced a 7.3% increase during the same time frame.
However, Shiba Inu has since experienced a market slump, resulting in a loss of most of its gains from the previous week. Despite this price correction, analyst Javon Marks is confident that the second-largest meme coin by market cap is poised for a significant surge of 348% to $0.000081.
Marks tweeted on October 22, stating that Shiba Inu would still reach his price target, which is close to its all-time high, following a breakout in its market structure. He previously noted that SHIB formed a hidden bullish divergence on the 6-day timeframe, indicating an upcoming price increase.
Marks highlighted multiple bullish patterns that confirmed the breakout from the divergence structure, leading him to believe that Shiba Inu will reach $0.000081. To meet the analyst’s price expectation, SHIB would need to surge over 348% from its current price of $0.0000178.
Marks also expressed his belief that Shiba Inu will continue to appreciate significantly beyond its current breakout. He claimed that SHIB’s sustained trend above the hidden bullish divergence breakout further strengthens the likelihood of a bullish surge to a multi-year high. He referred to Shiba Inu’s current consolidation phase as “the early stages of a massive continuation.”
However, Shiba Inu is currently facing major resistance near the $0.00002 level, which has hindered its sustained upward momentum. Analysts have highlighted the importance of this resistance zone and its impact on the market. For instance, analyst SwallowPremium predicted that Shiba Inu would experience a downtrend of 26.5% to $0.00001407 after encountering resistance. Another analyst, Jack, offered a more positive outlook, suggesting a 51% surge to $0.000027 for SHIB, defying the resistance.
It is important to note that the information provided in this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.