Shiba Inu (SHIB) Set for 240% Increase? Analyst Marks Highlights Bullish Breakout
- A renowned crypto analyst predicts that Shiba Inu will break out from the current “intermission” phase to surpass its all-time high price.
- Another analyst identified as Ashish has predicted that the asset could surge to $0.00008089 by June 24, 2024, and has marked $0.000022 and $0.000025 as the buying zone.
Crypto analyst Javon Marks makes a good case for Shiba Inu (SHIB), predicting a whooping surge to $0.0000886 in the next phase of its price movement. Interestingly, its price has not broken out of the $0.00002632 and $0.00002057 range witnessed throughout the month.
Speaking on the ongoing market condition, the analyst earlier explained that the asset now trades in the intermission phase after recording a staggering surge of 379% from $0.00000965 on February 25 to a yearly peak of $0.00004567 on March 5. Fortunately, this could be the only intermission phase in the journey to reclaiming its all-time high according to Marks.
Per his observation, the price of Shiba Inu is setting up a massive bull flag after confirming multiple hidden bullish divergences in the process.
With this uptrend being such a significant one, with Shiba Inu making an over +810% move since mid-2023, another near 4X that these breakout(s), indications, and patterns can be calling for may just be more than feasible in these prices and could come in quickly! Unprecedented levels in SHIB (Shiba Inu)’s price could be on the way…
Two weeks after that analysis, Marks stresses his position, suggesting that the asset has shown a robust performance by breaking out of the bull flag. According to him, this implies that the intermission is just about to be completed. Interestingly, the breakout occurred with the asset recording an impressive three-day winning streak. Within the period, Shiba Inu surged by 17% from $0.000025 to $0.000028. Coincidentally, the meme coin also broke into the top five trending assets on CoinMarketCap (CMC) with an impressive run.
Shiba Inu Cools Off, but Analysts Optimistic
At press time, the market had cooled down with Shiba Inu declining by 1.8% in the last 24 hours, trading at $0.00002528. However, its 30 days gain is still up by 14%.
Initially, the meme coin had surpassed Cardano (ADA) and Toncoin (TON) to become the 9th largest coin by market cap. However, it relinquished that position to fall to 11th. Regardless, Marks is bent on his imminent price spike position. Comparing the current situation to a previous occurrence, the analyst suggested that the next phase for SHIB could be a major one, and may result in an approximately 222% upside move to a new All-Time high.
Based on another metric/technical analysis we have of Shiba Inu, a climb of this (≈222%) extent for prices to new All Time Highs places them above a key level at $0.000081, which can then bring a higher target of $0.0001553 into play! The near future is looking bright for SHIB.
Another analyst identified as Ashish has predicted a 500% surge for Shiba Inu. According to him, there is a bullish flag formation on the 1-hour chart, suggesting a 220% increase to reach $0.00008089 by June 24, 2024. To take advantage of that, the analyst has identified buying zones at $0.000022 and $0.000025.
Amid all of these, Shiba Inu’s burn rate has skyrocketed by 310%, removing 12.7 million SHIB tokens from circulation as reported by Crypto News Flash, setting the price up for a rally.
