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Shiba Inu

Shiba Inu Breakout Structure Suggests 670% Rally To $0.000155

Scott Matherson
by Scott Matherson
2 weeks ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After a particularly challenging year, the Shiba Inu price is one of those that looks primed for its next upward wave. It has already held quite well during the recent market downtrend and continues to flash bullish signals during this time. To buttress the bullishness of the SHIB price, crypto analyst Javon Marks has highlighted the confirmation of a bullish pattern. In the event that such a pattern holds and plays out, it could mean new all-time highs for the Shiba Inu price.

The Bullish Divergence That Could Send Shiba Inu Price To ATHs

In his analysis, Marks pointed out the bullish pattern that has now set the Shiba Inu price on a path to possible new all-time highs. A regular bull divergence had appeared on the MACD histogram, suggesting that the Shiba Inu price may be primed for another reversal.

Related Reading: This Company Plans To Go Public With An Ethereum Treasury — Here’s How Much ETH They Bought

If this reversal does play out, then the first thing for the Shiba Inu price is for it to double. This would quickly put it above $0.00002, which would turn this resistance level into support. In total, the crypto analyst expects the first leg of the recovery to actually reach a 163% gain. This would inevitably help it break the resistance at $0.00003, leading into the next leg of the move.

After this move is completed, the analyst expects the Shiba Inu price to keep rising after breaking out of an older structure. Besides the initial 163% run, the Shiba Inu price would still more than double by this point, making it only a part of the total move.

Shiba Inu price
Source: X

A 570% move is expected with a continuation of the bullish momentum, and this would put the price above $0.000081. This target is what pushes the Shiba Inu price toward the new all-time highs and is essential for the total bullish move.

Related Reading: Dogecoin Price Crash Below $0.19 May Be Imminent If This Happens

Beyond this, though, there is the possibility that the bullish move would actually continue. Going by the analyst’s chart, there could be an almost 100% increase from its previous all-time high for the meme coin to actually eliminate another zero. This target is placed at the $0.0000155 level, something unprecedented in the Shiba Inu history.

For now, the Shiba Inu price is still trending around $0.0000125 after the downturn from the weekend. Coinmarketcap data shows that the meme coin is still maintaining a daily trading volume above $200 million as the market fluctuates.

Shiba Inu price chart from TradingView.com
SHIB pushes down again | Source: SHIBUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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