Shiba Inu (SHIB), the second largest memecoin by market cap after Dogecoin (DOGE), is now experiencing a significant increase in its price after breaking through major levels in the past week. Currently trading at $0.00002877, SHIB has risen 14% over the past day, showing renewed investor interest.
However, the memecoin is still down 4.3% over the last week and is still 66.6% below its all-time high of $0.00008616, which was recorded in 2021. mixed performancesanalysts suggest a possible bullish path for SHIB.
The Shiba Inu's Next Big Move
Renowned crypto analyst Javon Marks has provided a positive outlook on SHIB's price action in recent times post on X. Marks identified a recurring bullish pattern, indicating the possibility of a major move up.
“Shiba Inu has confirmed another bullish pattern,” he wrote, stressing that similar patterns in the past have led to a continuation.
According to Marks, SHIB's recent breakout could move the price towards $0.000081, representing a potential upside of 180% from current value.
Mark explained that it is possible to achieve this target and that it is probably already underway, given the movements that have been made in the fund recently. Such an accumulation, he noted, could position SHIB as a unique actor in the altcoin market, attracting attention from retail and institutional investors.
$SHIB (Shiba Inu) has recently confirmed, another Bullish Pattern and everything recently has led to a continuation, so we could be in for another big upside move, but with a break mach holds and one means to be $0.000081, it can be more than many think!
With… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
– JAVON
Mark (@JavonTM1) December 11, 2024
Broader Altcoin Market Outlook
While Marks wrote his piece on SHIB, another prominent analyst called Captain Faibik offered vision into the current situation of altcoins.
In a post featuring a chart image of BTC dominance forming an upward trend line that appears poised for a 48% correction, Faibik suggested that a positive attitude for the entire altcoin market.
In particular, he urged investors to remain patient, viewing the recent dip as a buying opportunity rather than a reason for panic selling. Faibik said“Altseason has not arrived yet; this is just the trailer. Patience always pays off. “
In addition, Marks expanded his supporting vision beyond SHIB to include Dogecoin (DOGE), another widely followed memecoin.
In a separate analysis, Marks noted that DOGE is showing strength and could rally to $0.6533, possibly reaching as high as $1.2511 if it breaks. major levels of resistance.
This would represent a 56% to 90% increase from its current levels, highlighting the potential for further gains in the memecoin market.
Featured image created by DALL-E, Chart from TradingView
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