Popular dog-themed meme piece Shiba Inu is currently riding the bullish wave, attracting notable gains following renewed momentum in the general crypto market. This recent Shiba Inu uptrend has fueled strong optimism within the community about its potential for a significant rally in the coming weeks.
A probable Bull Run for Shiba Inu soon?
After investigating the current Shiba Inu price development, market expert and investor Javon Marks highlighted that SHIB is preparing for a notable price rally in the coming days as significant upside strength signals have emerged for the meme coin.
Javon Marks anticipates a rally for SHIB due to the strength of technical and chart indicators, which could serve as catalysts for more upward growth. His prediction is part of a larger trend that sees the Shiba Inu moving closer to its current all-time high of $0.000086 this market cycle.
After several days of creating an uptrend expected to fuel the price of the meme coin, the market expert claims that SHIB has officially confirmed the uptrend. While prices are now showing robust indications of force majeurehe said SHIB was joining the bull show even more.
Given the emerging major signals, Javon Marks is confident about SHIB’s trajectory towards the $0.000081 level. As a result, the Shiba Inu price may need to increase another 2.79 times, or 179%, from its current value to reach the $0.000081 mark.
Optimism towards SHIB is gradually rising in the crypto sector. Ali Martinez, a seasoned crypto analyst and trader, also predicted a rally for the meme coin, fueling interest in Shiba Inu among retail and institutional investors.
Martinez highlighted a short-term rise in SHIB up to the $0.000037 price level after citing the formation of a bull flag on a 1-hour time frame. Even though a breakout of the bull flag pattern could trigger a move towards the aforementioned level, Martinez noted that the coin must break above the $0.000025 resistance range.
SHIB demonstrates similar price performance with Dogecoin
It should be noted that the expert also underlines similarities between the price performance of Shiba Inu and that of Dogecoin, the largest meme coin. Its charts show an alignment of trends with historical patterns observed over the course of Dogecoin rallies.
In case his observations are valid, Martinez believes that the next potential target to watch is $0.00049, which suggests a new record for SHIB in the current market cycle.
At the time of writing, Shiba Inu fell to $0.00002844 after a sharp rise to $0.000033 on Sunday. This sudden drop indicates a decline of almost 5% over the past day despite growing investor optimism.
Although SHIB is down 5% today, the meme coin is up over 7% and 61% on the weekly and monthly time frames, respectively. The current price drop has not hampered SHIB’s trading activity, as its trading volume increased by approximately 37% over the past day.
Featured image from iStock, chart from Tradingview.com