Gushiken Yona
Shiba Inu ($SHIB) refuses to back down. After breaking past key resistance, the dog-themed altcoin holds firm, fueling bullish sentiment as trading volume surges. A crypto analyst isn’t wavering—his 500% breakout target remains intact, signaling that Shiba Inu’s rally may be far from over.
The volatile cryptocurrency market never ceases to surprise and Shiba Inu ($SHIB), the self-proclaimed “Dogecoin killer,” is once again making headlines. Crypto analyst Javon Marks, known on the social media platform X as @JavonTM1, reiterated a bullish prediction for the dog-themed altcoin.
Shiba Inu Breakout Holds Strong Amid Market Volatility
In a recent post on X, accompanied by a detailed price chart, Marks emphasized that his breakout target for $SHIB remains unchanged. He pointed to the token’s sustained price action following a breakout, indicating that the significant upward move could still be in play.
“[The] $SHIB (Shiba Inu)’s breakout target at the $0.000081 level goes UNCHANGED!” Marks declared. “As prices continue to hold broken out, and up since showing responsiveness to this breakout, another nearly +500% upside to reach this target could still be well in the works…”
The chart shared by Marks highlights a period of consolidation followed by a breakout, where the price of $SHIB surpassed a key resistance level. The price is now hovering, seemingly gathering strength for its next leg up.
It is crucial to approach such predictions with caution. The cryptocurrency market is notoriously unpredictable, and meme coins, in particular, are known for their extreme volatility. While technical analysis can provide valuable insights, it is not a crystal ball. Investors should conduct their own thorough research and consider their risk tolerance before making any investment decisions.
SHIB Sees Explosive Trading Volume and Price Increase
The bullish sentiment surrounding Shiba Inu is driven by compelling market activity. As of 1:16 a.m. ET on Monday, Shiba Inu was trading at $0.00001328.
This represents a 2.70% increase in the past 24 hours, a seemingly modest gain that masks a far more significant development: a staggering 201.96% surge in 24-hour trading volume, reaching $355.32 million.
This explosion in trading volume suggests a surge in investor interest and buying pressure. Over the past week, $SHIB has climbed 7.79%, reflecting a sustained upward trend.
The token’s market capitalization has also benefited, rising by 2.62% to reach $7.82 billion. This places Shiba Inu firmly among the top cryptocurrencies by market cap, a testament to its enduring popularity.
The bullish outlook on Shiba Inu isn’t confined to technical analysis and market data. Community sentiment, as tracked by CoinMarketCap, reflects a strong wave of optimism.
With a substantial 229,100 votes recorded, a decisive 88% express a bullish stance on the token’s future, compared to only 12% holding a bearish view. This overwhelming positivity from the community suggests a widespread belief in Shiba Inu’s potential for growth.
Read More
- Shiba Inu Whales Scoop Up Trillions Of SHIB Amid Price Surge
- BONE, LEASH Get Expanded Accessibility With Latest Development
- Hundreds Of Trillions SHIB Now In Profit As Shiba Inu Rallies
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.
