The Shiba Inu cryptocurrency is capturing attention once again as analysts set a new bullish price target. An enthusiastic analyst has pinpointed a significant factor that could propel this leading meme coin to the impressive level of $0.000081. This optimistic price forecast comes on the heels of recent substantial gains for Shiba Inu, suggesting a potential for a significant rally in the near future.
Pathway to Shiba Inu’s $0.000081 Ambition
Prominent crypto analyst, Javon Marks, took to X (formerly known as Twitter) on October 28 to highlight that Shiba Inu, the second-largest meme coin by market capitalization, is currently in a breakout phase. A series of bullish patterns have emerged, hinting that SHIB might be gearing up for another major uptrend, or as Marks describes, “its next leg of immense bullishness.”
By analyzing the Shiba Inu price movements through a detailed chart, Marks has projected a new target of $0.000081 for the cryptocurrency. This target is just below Shiba Inu’s current All-Time High (ATH) of $0.000086, reached in 2021 during the last bull market surge.
According to Marks, for Shiba Inu to ascend to the anticipated target of $0.000081, the meme coin would need to undergo a substantial 351% increase from its current price. The primary driver behind this bullish trajectory would be a sustained breakout, characterized by the formation of multiple bullish patterns.
Based on Marks’ projections, Shiba Inu has the potential to achieve rapid price gains, potentially reaching the $0.000081 target swiftly if the current breakout momentum and bullish trends persist. The meme coin is already inching closer to previous high price levels around the $0.00002 mark.
This isn’t the first time Marks has made such an optimistic prediction for Shiba Inu. Earlier, on October 11, Marks indicated that SHIB was on the verge of hitting $0.000081 after breaking free from a Falling Wedge Pattern and overcoming a significant resistance trend. Marks suggested that this Falling Wedge breakout could serve as the catalyst for SHIB’s rise to new price heights.
Shiba Inu Demonstrates Strong Price Action with a 7% Rally
While analysts are forecasting bullish price targets for Shiba Inu, the meme coin has already been on a significant upward trajectory, demonstrating strong momentum amidst broader market volatility. Recent data from CoinMarketCap reveals that the Shiba Inu price has surged by approximately 7.63% in the last 24 hours alone.
The cryptocurrency continues to show upward potential, with daily trading volume experiencing a remarkable increase of 181.43%. This substantial growth in both price and trading metrics underscores renewed confidence and heightened interest from investors in Shiba Inu.
Further analysis from Coinglass highlights that Shiba Inu’s trading volume has skyrocketed by an astonishing 209.2%, while its open interest has increased by 16.33%. At the time of writing, Shiba Inu is trading at a price of $0.000018, indicating a continued bullish trend.
The future looks promising for Shiba Inu as it regains momentum, with investors eagerly watching its next moves in the cryptocurrency market.
