Shiba Inu (SHIB) closed out 2024 on a positive note, consolidating above a key breakout level and fueling optimism for a significant rally in the coming months.
According to analyst Javon Marks, SHIB is showing “classic bullish signals” on shorter time frames, suggesting that bullish momentum is imminent. Notably, Shiba Inu is trading at $0.00002108, registering a 2% rise over the past day.
Shiba Inu showing the “textbook bull signals”
In his analysisMarks pointed out that SHIB recently broke out of a long-term resistance trendline. In particular, this burst saw Shiba Inu reclaim a seven-month high of $0.00003329 during the first week of December.
However, a correction phase followed this historic rally. Shiba Inu lost most of the gains, returning to the levels it had been trading before its breakout. More specifically, SHIB revisited lows at $0.0000186 a few weeks after reaching its highest level in seven months.
Analyst Marks confirmed that Shiba Inu retested the breakout level during the pullback as support. Meanwhile, Shiba Inu has rebounded significantly, trading within the $0.000021 range. Considering that Shiba Inu closed 2024 above $0.00002, Marks described this move as a “classic bullish signal.”
As a result, he expressed confidence that SHIB is ready to continue its uptrend after successfully retesting the breakout level.
Potential Shiba Inu Targets
Javon Marks established a price target of $0.000081which represents a potential gain of 264% from current levels. These include the price range around which Shiba Inu bulls lost momentum during the last cycle.
Marks has repeatedly highlighted the $0.00008 price for SHIB for most of 2024, remaining confident that Shiba Inu will eventually regain the historic price.
Meanwhile, Marks has an even higher goal for SHIB. He argued that the Shiba Inu can reach the all-time high price level of $0.000155. Marks believes that this threshold would be the destination of the Shiba Inu in this bull cycle.
Shiba Inu Hidden Bullish Divergence
The presence of a hidden bullish divergence on the SHIB chart adds fuel to the bullish narrative. This occurs when price action forms higher lows while momentum indicators form lower lows, signaling the underlying strength of the asset.
Ultimately, with SHIB holding above its breakout zone, the cryptocurrency is positioned for even more on the risetraders eyeing the $0.000081 target in the near term.
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