19 June 2024
Shiba Inu has received another bullish prediction from a crypto analyst, highlighting the expectations that the meme coin is far from done. This time around, a crypto analyst has predicted a notable surge in the SHIB price, with the expectation that it will reach a new all-time high by the time the rally is complete.
Shiba Inu Poised For New All-Time Highs
In an analysis posted on X (formerly Twitter), crypto analyst Javon Marks has shared a rather bullish expectation for the Shiba Inu price. Marks, who has been quite vocal about his support for the coin, continued into the new week, predicting a new all-time high for the meme coin.
The crypto analyst reveals that the Shiba Inu price had been trading inside of a small Bull Flag pattern. However, the meme coin has been able to break out of this bull flag pattern and could see a rally as a result of this development. As the crypto analyst explains, “this breakout may be enough to spark another major wave up in an already massive uphill run!”
The major reason why this breakout is important is where the price could end up as a result. For one, the crypto analyst sees the price reaching its current all-time high above $0.000081 for a start. Then, if the rally were to continue from here, Marks expects SHIB to rise as high as $0.00015.
The initial target would constitute an over 300% increase in price. However, the “larger breakout” which the analyst expects is on the horizon, is more important, bringing an over 800% increase in price if it comes to pass. “A break above $0.000081 and SHIB may just be set for another +90% move to $0.0001553,” Marks said.
Being Bullish On SHIB
The latest Shiba Inu analysis from crypto analyst Javon Marks is only the latest in a long line of bullish predictions that he has made for Shiba Inu. Marks’ thread goes as far back as September 2023, and since that time, the SHIB price has risen more than 200%.
Despite the notable price increases since the first analysis was posted, the crypto analyst believes that the meme coin is far from done. The previous analyses also reiterates this point, expecting a continuation of the rally until its breaks out to $0.000081.
Presently, the Shiba Inu price is still struggling against bearish crypto market headwinds after the Bitcoin price crashed to $66,000. It is down 9.42% in the last day alone, and struggling against 18.16% losses on the weekly chart as well.