Optimism towards the popular dog-themed meme coin, Shiba Inuis gaining ground following a recent price rally at the start of the week, driven by positive market sentiment. Despite the recent price swings, several analysts are confident that SHIB is still capable of a near-term rally.
Shiba Inu is undergoing a major bullish breakout
Market expert and enthusiast Javon Marks has reaffirmed his bullish approach prediction for Shiba Inu, underscoring that the meme coin’s trajectory to the $0.000018 level is still firmly in place. This positive view is consistent with the altcoin the general optimism of the market, with SHIB’s recent consolidation phase serving as a basis for an expected breakthrough towards the target level.
The analyst’s forecast is based on a validated breakout from key bullish patterns and technical indicators, which suggest SHIB is headed for a near-term rally. According to the expert, Shiba Inu has maintained its breakout on the daily chart and verified a bull pattern on the Relative Strength Index (RSI). The overall goal for SHIB is therefore maintained $0.000081.
Javon Marks also underlined that the meme coin’s next move towards the aforementioned price level will be further strengthened by a breakout from a falling wedge pattern, demonstrating his confidence in Shiba Inu’s potential.
A falling wedge is a technical chart pattern that forms during a downtrend and a potential upward price reversal. It is a bullish chart pattern with two converging trend lines sloping downward, reflecting a reduction in volatility and a decline in the price range.
Given that a falling wedge formation indicates a possible bullish price reversal, Javon Marks’ forecast implies that SHIB could be preparing for a recovery that could portend the next price rally.
In the meantime, investors and traders are closely watching for further confirmation of SHIB’s chart formation and progress as the same angle breaks through several crucial resistance levels on its way to the expected price of $0.000081.
A 150% to 200% price hike in the works for SHIB?
Recent Shiba Inu price action continues to attract bold predictions from crypto analysts. Another market expert and investor, World of Charts, after examining SHIB’s current price performance, believes that the meme coin could see an increase of around 200%.
World of graphs marked that the consolidation of SHIB bullish pennants below the critical Descending Broadening Wedge trendline implies that the meme coin is about to make a huge breakout.
In the event that SHIB breaks out successfully, the expert is confident that the development could trigger a price increase of between 150% and 200% in the short term. This forecast is part of broader market optimism towards SHIB as the company navigates key technical patterns that are expected to strengthen the move towards crucial levels.
Featured image from Unsplash, chart from Tradingview.com