Emily Walker
The well-known dog-themed meme coin, Shiba Inu, is currently experiencing an upward surge, benefiting from the recent positive momentum in the broader cryptocurrency market. This rise has sparked a strong sense of optimism among its community regarding the possibility of a significant price rally in the near future.
Is a Bull Run Imminent for Shiba Inu?
Market analyst Javon Marks has closely examined Shiba Inu’s recent pricing trend and has indicated that the coin is set for a significant price increase in the coming days, supported by strong bullish signals.
Marks believes that Shiba Inu’s potential for growth is backed by solid technical indicators and chart patterns, which could lead to a powerful upward movement, possibly bringing SHIB closer to its previous all-time high of $0.000086 during this market phase.
After several days of forming a bullish pattern, Marks has confirmed that SHIB is now officially in a bull market. He reports that the coin is currently exhibiting strong signs of upward momentum.
Based on the emerging positive indicators, Marks is optimistic that SHIB could reach the $0.000081 level, suggesting that it needs to rise by approximately 2.79 times or 179% from its current price.
Enthusiasm for SHIB is growing once again within the crypto community. Noted analyst and trader Ali Martinez has also forecasted a potential rally for Shiba Inu, increasing interest from both retail and institutional investors.
Martinez has highlighted a short-term price increase for SHIB, aiming for the $0.000037 mark, while noting a bull flag pattern on the hourly chart. However, he mentions that for this upward movement to occur, SHIB must surpass the resistance at $0.000025.
SHIB Exhibiting Patterns Similar to Dogecoin
Additionally, the analyst has observed that Shiba Inu’s price trends are closely mirroring those of Dogecoin, the largest meme coin. His analysis shows similar trends to those seen during previous Dogecoin rallies.
If his insights hold true, Martinez suggests that the next critical price target for SHIB could be $0.00049, indicating a potential new all-time high for the coin in this market phase.
Currently, Shiba Inu is priced at $0.00002844 after a significant drop from $0.000033 on Sunday, reflecting a nearly 5% decrease in value over the last day, despite the growing optimism among investors.
Despite today’s drop of 5%, SHIB has registered increases of over 7% weekly and 61% monthly. The slight decline has not diminished trading activity, with SHIB’s trading volume rising by approximately 37% within the last day.