Javon Marks, a prominent market analyst, predicts an imminent price pump for Shiba Inu, as it holds above a key resistance level despite the recent crash.
Marks expressed this opinion in an updated analysis on Shiba Inu. Notably, data from an accompanying chart confirms that SHIB traded below a resisting trendline for 448 days after it dropped from the all-time high of $0.00008845 in October 2021.
SHIB Holds Above Resisting Trendline
However, Shiba Inu broke above the downtrend resistance when it spiked to a high of $0.00001575 in January 2023. Since then, SHIB has traded above the resisting trendline.
Marks had emphasized that this trend confirms Shiba Inu’s imminent price pump to substantial levels.
However, with the latest market turbulence triggering a 40% collapse since June, sentiments have turned bearish. Despite the price crash and the bearish sentiments, Marks remains confident.
In his latest analysis, he stressed that SHIB remains above the resisting trendline. According to him, this indicates that the projected uptrend is still possible. The analyst sets two targets for Shiba Inu on the back of the anticipated recovery.
$SHIB (Shiba Inu)’s target at $0.000081 has not changed as prices continue to hold well broken free of the once key, displayed resisting trend.
With this being, this could entail an over 405% run from here to be in-development to reach this target.
A >5X may be awaiting Shiba! https://t.co/Bt6yoMQFl2 pic.twitter.com/w9Pzzv67Kv
— JAVON⚡️MARKS (@JavonTM1) July 6, 2024
The first target rests on the $0.000081 level, a goal he has continued to advocate for. Marks noted that the $0.000081 level, which would demand a 405% increase in SHIB’s price, has not changed. He previously set this target in mid-June and has maintained conviction that it will materialize.
Shiba Inu Targets $0.0001553
Marks places the second target at $0.0001553, essentially indicating a new all-time high price for Shiba Inu. SHIB currently trades for $0.00001595, with a pump to the $0.0001553 target requiring an 873% increase.
However, the token must break above its immediate resistance levels before eyeing these lofty targets. Shiba Inu continues to battle the bears at $0.000016, with the first major resistance stationed at $0.00001667. A breach of this roadblock could give SHIB a free ride toward the 38.2% Fibonacci retracement level ($0.00001912).
Shiba Inu Daily Chart
Nonetheless, bulls need to decisively close above the 20-day SMA ($0.00001697) before a push toward $0.00001912 could ensue. Interestingly, market analyst Santana suggested that, while SHIB could spike above the current territory, it would witness one final slump before staging this recovery.
CryptoQuant data indicates that SHIB’s RSI is at 46, while its Stochastic RSI flashes 55. These figures suggest that SHIB is neither overbought nor oversold, indicating potential consolidation. The recent stop in price declines and slight rise before consolidation suggests a possible shift in momentum. However, this remains uncertain.
Shiba Inu RSI and Stoch | CryptoQuant
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