Community Predicts Shiba Inu to Hit New ATH Soon; Here’s Why

Community Believes Shiba Inu to Hit New ATH Soon; Here's Why

Shiba Inu (SHIB) is now 91% behind its all-time high, which was $0.00008845 in October 2021. However, crypto expert and community influencer Javon Marks thinks SHIB is about to reach new ATHs despite the negative environment. In a study of the price changes for Shiba Inu today, Marks produced this bullish yet audacious prognosis. The forecast is based on observations of SHIB’s historical price alterations, especially during the time leading up to the preceding ATH. 

A 4-day chart’s data was given by the expert. Shiba Inu had previously developed a triple bottom pattern, according to the chart, before starting the rally that led to the achievement of the all-time high price of $0.00008845 in October 2021. When the price of an asset declines to a specific level three times before rising again, a triple bottom pattern develops. Three lows or troughs at roughly the same price level result in a clear pattern.  

The price of the asset has likely struck a support level and is expected to reverse its downward trend, according to this pattern. Similar to Shiba Inu’s pricing moves from two years ago, the reversal can cause a significant price increase. Notably, in June 2021, SHIB fell to a low of $0.00000628, marking the first bottom. After a brief period of recovery, SHIB fell once more to its second bottom of $0.00000631 in August 2021. 

After this second bottom, Shiba Inu pulled off a second recovery. But just like the earlier recovery effort, this one encountered opposition. As a result, in September 2021, at $0.00000606, SHIB formed the third bottom. Shiba Inu formed these three bottoms, and the subsequent recovery drive propelled the stock to the $0.00008845 ATH. A 1,359% increase from the lowest price of $0.00000606 in September 2021 was indicated by this rally. 

Related Reading: Shiba Inu: When Will Shibarium Trigger a Rally for SHIB?

Next Shiba Inu Recovery Campaign Could Lead to New Highs

It’s interesting to note that Shiba Inu has once again established a triple bottom pattern on Javon Marks’ chart. SHIB reached the $0.00000818 level in June 2022, marking the first bottom of this cycle.  The second bottom was reached in December 2022 when the price fell to $0.00000791. The third bottom, however, was reached this year when the price of Shiba Inu plunged to an unbelievable low of $0.00000543 in June 2023.  

Marks argues that the subsequent recovery effort might produce large profits after these three troughs. Shiba Inu might reach new heights as a result of these gains. As of the time of publication, Shiba Inu is trading for $0.00000808, up 1.51% from the previous day. After the triple bottom pattern, if SHIB makes a fourth bottom, it would suggest that the support level isn’t as strong, which would lessen the significance of the pattern. Even while the pattern remains intact, this creates ambiguity. 

Read Also: Shiba Inu: Shibarium Achieves 100K Wallet Addresses Amidst Setbacks

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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