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.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses.
