Shiba Inu (SHIB), the second-largest memecoin by market capitalization, is currently witnessing a significant price surge. After breaking through key levels recently, SHIB is trading at $0.00002877, marking a 14% increase in the past 24 hours, reflecting renewed interest from investors.
Despite this remarkable performance, it’s important to note that SHIB is still down by 4.3% over the past week and remains 66.6% lower than its all-time high of $0.00008616, which was recorded in 2021. However, these mixed results have not deterred analysts from suggesting a potentially bullish path for SHIB.
Shiba Inu’s Anticipated Major Move
Renowned crypto analyst Javon Marks has shared an optimistic outlook on SHIB’s price movement in a recent post. Marks pointed out a recurring bullish pattern that suggests a significant upward move may be on the horizon.
According to Marks, SHIB’s recent breakout could propel the price towards $0.000081, representing a potential 180% increase from its current value. Marks elaborated that this target is achievable and may already be in progress, given the asset’s recent movements. Such a rally could position SHIB as a prominent performer in the altcoin market, drawing considerable attention from both retail and institutional investors.
Analysis of SHIB’s Recent Patterns
Javon Marks stated, “Shiba Inu has confirmed another bullish pattern,” emphasizing that similar patterns in the past have led to upward continuations. With this breakout holding, a move towards $0.000081 could be more significant than many anticipate.
Broader Altcoin Market Perspective
While Marks focused on SHIB, another prominent analyst, known as Captain Faibik, provided insights into the current state of the altcoin market. In a post that highlighted BTC dominance forming an ascending trendline poised for a 48% correction, Faibik suggested a positive outlook for altcoins.
Faibik encouraged investors to remain patient, viewing the recent dip as a buying opportunity rather than a reason for panic selling. He stated, “Altseason hasn’t arrived yet; this is just the trailer. Patience always pays off.”
Expanding Bullish Outlook Beyond SHIB
Moreover, Marks extended his bullish perspective beyond SHIB to include Dogecoin (DOGE), another widely-followed memecoin. In a separate analysis, Marks noted that DOGE is showing strength and could potentially rally to $0.6533, with the possibility of reaching as high as $1.2511 if it breaches key resistance levels. This would represent a 56% to 90% increase from its current levels, highlighting the potential for further gains in the memecoin market.
The current trends indicate a dynamic period for the cryptocurrency market, with potential opportunities for significant gains. Investors should stay informed and consider both the risks and rewards as they navigate this evolving landscape.
