Renowned crypto analyst Javon Marks has shared an optimistic forecast for the Shiba Inu price, envisioning a potential surge of 180%. Marks referenced an indicator signaling the possibility of SHIB experiencing this significant rally, aiming to reclaim the crucial $0.00002 level along the way.
Shiba Inu Price Poised for 180% Rally Supported by Bullish MACD Divergence
According to a recent post by Javon Marks on X, the Shiba Inu price has exhibited a clear Bullish Divergence with its Moving Average Convergence Divergence (MACD). Marks highlighted a potential near 180% upswing for SHIB, targeting $0.000032. He suggested that this could be just the beginning of a broader positive trend reversal for the meme coin.
Further Reading
The accompanying chart depicted the potential for the Shiba Inu price to reach this level by the end of the year. This outlook presents a bullish scenario for the meme coin, which has faced significant underperformance in the current year. SHIB has recorded a 45% loss year-to-date (YTD) and is down over 8% in the last 30 days.
This marks a notable turnaround for the meme coin, which saw a 150% increase in value in 2024. However, based on Javon Marks’ analysis, the Shiba Inu price could potentially end the year positively with the projected 180% rally. This surge could also propel SHIB back into the top 10 cryptocurrencies by market capitalization.
Factors such as SHIB burns and network activity could serve as catalysts for the Shiba Inu price momentum. In another X post, a member of the SHIB community disclosed a new milestone reached by the meme coin, with over 1.5 million on-chain wallets now holding SHIB.
Nevertheless, the stability of SHIB burns remains a concern as they fluctuate. Data from Shibburn indicates a significant drop in daily burns, with 1.5 million SHIB burned in the past 24 hours. The burn rate has also decreased by approximately 11% over the last seven days, with 48 million SHIB burned during this period.
Potential for SHIB to Surge by 600%
Javon Marks remains optimistic about the long-term prospects of the Shiba Inu price, suggesting a possible surge of up to 600%. In a recent update shared on his profile, Marks reiterated the unchanged target of $0.000081 for SHIB, aiming for a remarkable 609% climb to reach it following a breakout from the current resistance trend.
Further Reading
Considering the post-breakout scenario, Marks envisions the potential for surpassing this target and reaching $0.0001553. However, he did not specify a timeline for the anticipated 600% surge in the Shiba Inu price.
At the time of writing, the Shiba Inu price stands at approximately $0.00001181, showing a growth of over 3% in the last 24 hours, as per CoinMarketCap data.
Featured image from Adobe Stock, chart from Tradingview.com