Renowned analyst Javon Marks predicts that Shiba Inu will break into the range of $0.000081 to $0.00015 despite the recent market-wide decline that has caused prices to plummet.
Shiba Inu (SHIB) has been more affected by the current market retracement due to its higher volatility compared to Bitcoin (BTC) and Ethereum (ETH), which have only fallen by 0.77% and 2.97% in the last 24 hours. In contrast, SHIB has experienced a significant 9.88% decrease during the same period.
Despite the downward trend, which has led to a 19% drop in the past week, market analysts like Javon Marks anticipate that the retracement will result in a substantial price increase. Marks highlighted that Shiba Inu is still showing gains from its breakout level in February.
After an impressive 370% surge from late February to March 5, where SHIB reached $0.000045, the token has struggled to reclaim its previous highs. However, it remains well above its pre-breakout price. Currently priced at $0.00001830, Shiba Inu has risen by over 91% from its low on Feb. 25. Marks predicts a 294% price surge, bringing SHIB to the $0.000081 level.
Facing a significant sell wall just below the $0.0001 mark, Shiba Inu encounters resistance between $0.000056 and $0.000139. If SHIB breaks through this barrier, Marks suggests a price increase to $0.0001553. Despite the recent market pullback, Marks believes SHIB can exceed the $0.000081 level and potentially reach a new all-time high of $0.0001.
Although the bears have breached the $0.00002 support level, causing a drop to a four-month low of $0.00001696, there is optimism for a potential rally. Santiment indicates that the bearish sentiment could signal an upcoming uptrend.
Please note that this article is for informational purposes only and should not be taken as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect The Crypto Basic’s viewpoint. It is recommended that readers conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.
