A new bullish price target has been set for THE Shiba Inu pricewith an analyst revealing the major trigger that could push this top coin to the $0.000081 level. This optimistic price forecast follows recent substantial gains recorded by Shiba Inu, indicating major rally potential.
Shiba Inu Price Trend up to $0.000081
Popular crypto analyst Javon Marks took to X (formerly Twitter) on October 28 to announce that Shiba Inu, the second largest coin by market capitalization, is now in a escape phase. Several bullish patterns have already been spotted, suggesting that SHIB could be gearing up for another huge uptrend, or as the analyst puts it, “this is the next leg of a huge uptrend.”
Thinking about Shiba Inu price action via a detailed chart, Marks predicted a new target of $0.000081 for cryptocurrency. This price target is just below the Shiba Inu’s current level All-time high (ATH) of $0.000086, which was reached in 2021 during the last bull market.
Additionally, Marks revealed that for the Shiba Inu price to reach the projected target of $0.000081, the meme coin will need to see a massive 351% increase from its current price. The main catalyst intended to push Shiba Inu towards this bullish target is a continued breakout with the formation of multiple bullish patterns.
Based on Mark’s projection, Shiba Inu price has the potential to make rapid gains, possibly reaching the $0.000081 target at a rapid pace if the current breakout momentum and uptrends continue. The meme coin is already approaching previous high prices, around the $0.00002 mark.
Interestingly, this isn’t the first time Marks has made this bullish prediction for Shiba Inu. Earlier on October 11, the analyst revealed that SHIB was preparing to hit $0.000081 after breaking out of a Falling wedge model and a significant resistance trend. The analyst revealed that this Falling Wedge breakout should be the spark behind The rise of SHIB to new price levels.
SHIB shows strong price action with 7% rally
As analysts predict bullish price targets for the Shiba Inu, the meme coin has been on a major uptrend, experiencing strong dynamics in a context of broader market volatility. Data from CoinMarketCap revealed that the Shiba Inu price increased by approximately 7.63% over the past 24 hours.
The cryptocurrency still appears to be on the rise, with daily trading volume up 181.43%. This massive increase in prices and trading parameters suggests renewed confidence and interest investors in Shiba Inu.
Derived from Coinglass data also revealed that Shiba Inu’s volume increased by 209.2%, while its open position increased by 16.33%. Additionally, at the time of writing this article, the Shiba Inu price is trading at $0.000018.
Featured image created with Dall.E, chart from Tradingview.com