Shiba Inu has maintained its breakout from a falling wedge pattern, despite the recent market correction. Analysts expect a sharp upward move once the current correction ends.
SHIB’s Bullish Breakout
Javon Marks, a market analyst, highlighted Shiba Inu’s resilience in a recent analysis. He first identified the breakout on August 23, noting a shift from a bearish to a bullish trend. Marks pointed out that SHIB had successfully broken out of a falling wedge pattern on August 20. This bullish move indicated the start of a possible rally.
On August 22, SHIB’s price spiked to $0.00001439 and reached $0.00001612 by August 24. Despite a slight pullback on August 25, Marks remained optimistic. He projected a significant price increase with a target of $0.000081, suggesting an upside of over 432%.
Correction and Continued Optimism
Even amid ongoing market corrections, Marks updated his analysis to confirm SHIB’s bullish potential. He noted that SHIB retained its breakout above the upper trendline of the falling wedge. This pattern, formed after SHIB’s decline from its March 2024 high of $0.000045, suggests that bearish momentum is fading.
Although SHIB’s price pulled back, the pattern indicates buyers are regaining control. Marks remains confident that SHIB’s price target of $0.000081 is achievable. This target represents a 432% increase from current levels.
Wider Market Considerations
Shiba Inu’s breakout and projected rally come despite broader market challenges. Macroeconomic factors and recent volatility have caused headwinds for many cryptocurrencies. Nonetheless, SHIB’s ability to hold above key levels gives investors confidence in its potential for growth.
Currently, SHIB trades at $0.00001327, reflecting a 0.32% increase over the last 24 hours. As the market stabilizes, analysts like Marks continue to see bullish momentum building for SHIB’s next major move.
