Shiba Inu Price Eyes 450% As It Holds Above Critical Level
Highlights
- Long term trend has analysts turning their gaze to a 450% price spike for Shiba Inu.
- One pundit is hinging his projection on SHIB’s continued hold over its breakout.
- Short term market sentiment for the memecoin remains grim amid a string of dour reports.
Shiba Inu price could surge by 450% in the near term buoyed by its long-term breakout holding. The trend is expected to trigger another growth spurt for Shiba Inu (SHIB) in the near term despite falling prices.
Shiba Inu Price Could Explode If Long-term Trend Continues
Pseudonymous analyst Javon Marks has identified a long-term trend for SHIB indicative of a massive price rally in the future. According to his post, SHIB is trading above its breakout level from late 2022 which is a sure-pointer for a surge.
Per Marks, a key price target for SHIB is the $0.000081 mark which appears to be an uphill climb. From present levels of $0.00001436, the projected Shiba Inu price is a massive 450% jump for the top meme coin.
“Shiba Inu continues to hold its breakout which took place in late 2022/early 2023 and prices are still majorly positive since,” said Marks. “With this price breakout holding, the target for SHIB continues to be at the $0.000081 point which is currently over 450% away.”
Marks points to the SHIB’s onchain data, highlighting “textbook bull signals” in long-term charts as proof for the projected price point. He adds that the slow pace of the run from late 2022 serves as confirmation for an eventual bullish run.
“This slower action can be aiding the longevity and scale of this run, meaning that this target level, through this sideways action, is looking more and more likely to be broken above,” said Marks.
Shiba Inu Continues To Trade Sideways
Shiba Inu price currently hovers at $0.00001446, rising by 1% over 24 hours. While its 7-day chart indicates a slight dip, the top memecoin continues to tread water as it eyes a breakout.
At the moment, Shiba Inu’s market cap stands at $8.5 billion with daily trading volumes of $273 million.
In the short term, traders are watching with bated breath for a looming death cross that could trigger a slump. Optimistic traders say the death cross may trigger a 20% rally for Shiba Inu price, citing similar pattern in 2023.
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