A leading analyst claims SHIB is now displaying bullish signals and forecasts a significant price surge to $0.000081.
Shiba Inu (SHIB) has wrapped up 2024 positively, managing to consolidate above a crucial breakout level.
This development has ignited optimism among traders and analysts alike, hinting at a potential rally in the months ahead.
Analyst Insights: SHIB Displays Bullish Signals
Renowned analyst Javon Marks has pointed out that SHIB is exhibiting “textbook bull signals” on shorter time frames, indicating that upward momentum might be on the horizon.
Currently, Shiba Inu is trading at approximately $0.00002182, marking a 2% increase over the past 24 hours.
A Significant Breakout
Marks noted that SHIB recently broke free from a long-standing resistance trendline, achieving a remarkable seven-month high of $0.00003329 during the first week of December.
This breakout was a significant milestone for Shiba Inu, showcasing its potential to gain traction in the competitive cryptocurrency market.
However, following this impressive rally, SHIB entered a corrective phase.
The cryptocurrency retraced significantly, returning to levels seen before the breakout, with lows around $0.0000186 occurring a few weeks after the peak.
A Strong Support Level
Despite this pullback, Marks emphasized that Shiba Inu successfully retested the breakout level as support.
As it rebounds and trades in the $0.000021 range, Marks interprets this movement as a strong bullish signal.
He expressed confidence that SHIB is set for a continuation of its upward trend after validating the breakout level.
Price Predictions: Targets for the Future
Marks has set an ambitious price target of $0.000081 for SHIB, which would represent a substantial potential gain of 264% from its current price.
This target is particularly notable, as it reflects the price range where SHIB bulls lost momentum during the last cycle.
Throughout 2024, Marks has consistently highlighted the $0.00008 mark for SHIB, believing it will eventually reclaim this significant price point.
An Even Higher Target
Going further, Marks has proposed an even loftier target for Shiba Inu, suggesting it could reach the unprecedented price range of $0.000155.
He argues that this threshold would be a likely destination for SHIB in this bull cycle, further underscoring the asset’s potential.
Hidden Bullish Divergence: A Positive Indicator
Adding to the bullish narrative is the presence of hidden bullish divergence in SHIB’s chart.
This phenomenon occurs when the price action creates higher lows while momentum indicators form lower lows.
This divergence suggests an underlying strength in the asset, reinforcing the notion that SHIB is poised for further upward movement.
A Bright Future Ahead for SHIB
With Shiba Inu maintaining its position above the breakout zone, the cryptocurrency appears well-positioned for further gains.
Traders are keenly watching the short-term target of $0.000081, hopeful that this rally will pave the way for even greater achievements in the future.
As optimism grows, SHIB continues to capture the attention of the crypto community, setting the stage for an exciting 2025.
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