Gushiken Yona
Shiba Inu ($SHIB) prepares for liftoff, as a crypto analyst declares a potential 264% surge, fueled by a “major breakout” and definitive bull signals that ignite the market.
Shiba Inu Bullish Analysis
In a post on X (formerly Twitter) on Tuesday, Marks shared a detailed analysis of Shiba Inu’s price action, which shows the token finishing the year with a “major breakout.” Marks emphasized that the token is “holding broken out” from previous resistance levels, indicating a solid technical foundation for further price movement.
According to his chart analysis, SHIB could reach a target price of $0.000081, reflecting a potential 264% surge from its current price of $0.00002221. Marks’ prediction is rooted in technical analysis, which identifies “bull signals” from lower time frames, particularly around areas marked by breakout and retest zones.
The chart, which Marks shared, displays key indicators such as horizontal price targets, uptrend lines, and breakout points—each reinforcing his bullish outlook. The price target of $0.000081 represents a significant resistance level, which, if surpassed, could trigger the rally.
Why This Bullish Momentum May Be Real: Technical Indicators at Play
Marks’ analysis draws attention to multiple bullish factors:
- Major Breakout: The chart shows SHIB breaking above a previous resistance level. In technical analysis, breakouts typically signify the start of a new upward trend.
- Bullish Retest: After the breakout, the price retraced and retested the broken resistance, which is often seen as a confirmation of strength before further upward movement.
- Strong Bull Signals on Lower Time Frames: Marks highlights areas where shorter-term charts show strong bullish momentum, suggesting that the trend may continue in the near future.
With these technical elements in play, the prediction of a 264% surge is not unfounded for those who closely follow chart-based predictions.
Market Context: Is SHIB Ready for a Major Rally?
As of 4:10 a.m. ET on Thursday, Shiba Inu ($SHIB) traded at $0.00002221, demonstrating a 5.15% increase on the day. This positive movement is accompanied by a 3.92% rise in 24-hour trading volume, which reached $395.44 million, suggesting heightened market activity and investor interest.
While the token experienced a slight 0.94% increase over the past seven days, it also saw a more substantial 25.11% decline over the past month, indicating recent market volatility. According to data from CoinMarketCap, Shiba Inu has a circulating supply of 589.5 trillion SHIB and a market capitalization of $13.08 billion, reflecting the 5.15% increase on the day.
These figures suggest a mixed picture for the cryptocurrency, highlighting a recent rebound in the short term while also showing the effects of a longer period of downward pressure.
Read More
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- Shytoshi Kusama Explains Four-Token System Of Shiba Inu
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
