Shiba Inu Surges 14% In A Day: Is An additional 180% Rally Within Reach?
December 12 2024 - 8:00AM
NEWSBTC
Shiba Inu (SHIB), the second-largest memecoin by market cap
following Dogecoin (DOGE), is now experiencing a notable surge in
its price after breaking through key levels in the past week.
Currently trading at $0.00002877, SHIB has risen 14% over the past
day, signaling renewed investor interest. However, the memecoin
remains down by 4.3% over the past week and is still 66.6% below
its all-time high of $0.00008616, recorded in 2021. Despite these
mixed performances, analysts suggest a potential bullish trajectory
for SHIB. Related Reading: Shiba Inu Braces For Rally – Analyst
Sees 35% Price Surge – Details Shiba Inu’s Next Big Move Renowned
crypto analyst Javon Marks has provided a positive outlook on
SHIB’s price action in a recent post on X. Marks highlighted a
recurring bullish pattern, indicating the possibility of a
significant upward move. “Shiba Inu has confirmed yet another
bullish pattern,” he wrote, emphasizing that similar patterns in
the past have led to upward continuations. According to Marks,
SHIB’s recent breakout could drive the price towards $0.000081,
representing a potential 180% increase from its current value.
Marks elaborated that this target is achievable and may already be
in progress, given the asset’s recent movements. Such a rally, he
noted, could position SHIB as a standout performer in the altcoin
market, drawing attention from retail and institutional investors
alike. $SHIB (Shiba Inu) has confirmed recently, yet another
Bullish Pattern and all of its recent has led into continuations,
so we can be in for yet another major upside move, but with
breakouts holding and one implying $0.000081 to be in play, it can
be greater than many think! With… https://t.co/yiK6w67Cly
pic.twitter.com/9wdsLpZdSi — JAVON⚡️MARKS (@JavonTM1) December 11,
2024 Broader Altcoin Market Outlook While Marks penned his piece on
SHIB, another prominent analyst known as Captain Faibik offered
insights into the current state of altcoins. In a post that
featured the chart image of BTC dominance forming an ascending
trendline that seems poised for a 48% correction, Faibik suggested
a positive outlook for the overall altcoin market. Particularly, he
urged investors to remain patient, viewing the recent dip as a
buying opportunity rather than a reason for panic selling. Faibik
stated, “Altseason hasn’t arrived yet; this is just the trailer.
Patience always pays off.” Furthermore, Marks extended his bullish
outlook beyond SHIB to include Dogecoin (DOGE), another
widely-followed memecoin. In a separate analysis, Marks noted that
DOGE is exhibiting strength and could potentially rally to $0.6533,
possibly reaching as high as $1.2511 if it breaks key resistance
levels. Related Reading: Dogecoin Defies Crypto Market Crash:
Analyst Says It Looks ‘Incredible’ 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
with DALL-E, Chart from TradingView
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