Shiba Inu: Analyst Provides Ambitious Price Target For SHIB
Release: 2024/01/10 07:04 Reading: 220
A prominent crypto analyst has made an ambitious forecast that Shiba Inu’s price could rocket over 740% to reach new all-time highs in the coming months based on historical chart patterns he believes may be repeating.
Javon Marks, an independent technical analyst known for bold calls on altcoins, claims a “massive pump is due” for the popular meme-inspired token Shiba Inu.
In a recent tweet, Marks pointed to the formation of a falling wedge pattern on higher timeframe price charts similar to the structure that kicked off Shiba Inu’s parabolic rally in 2021.
Also read: Shiba Inu: What Happens If 90% of SHIB Tokens Are Burned?
Will Shiba Inu exhibit a massive pump?
The breakout from that falling wedge last time propelled SHIB to its record high of $0.000088 in October 2021, delivering life-changing returns for early investors. Marks believes if Shiba Inu sees a breakout in the current pattern now taking shape, history could repeat itself.
“With a similar breakout that sparked a SHIB’s price run to all-time highs recently retaking place, these prices now can be all-time high ready again and a >8X (Over +740% Gain) can take them there,” Marks tweeted.
The analyst doubled down on his outlook in early January as Shiba Inu climbed back above $0.000011. Marks adds the token had already advanced nearly 10% from his original tweet.
Also read: Shiba Inu: How Many Tokens You Need To Make $5 Million If SHIB Hits $0.01?
Marks predicts SHIB won’t stop at its former peak but instead could aggressively overshoot that level as momentum builds.
True to its original meme coin roots, analysts say SHIB remains prone to violent whipsaws in volatility triggered by viral trends or hype on social media platforms. This leaves open the possibility for an eye-popping upside, albeit with substantial risk.
Other market experts have questioned whether Shiba Inu can rekindle the same magnitude of speculative mania it saw in 2021 now that the project is more established and widely owned. Rival meme tokens viewed as fresh, new alternatives like Bonk (BONK) and Pepe (PEPE) have grabbed attention and investment in recent months instead.
Source: https://thebittimes.com/shiba-inu-analyst-provides-ambitious-price-target-for-shib-tbt76082.html
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