Market analyst Javon Marks anticipates Shiba Inu will leverage its recent price surge to rally toward the $0.00015 price territory. Marks highlighted this forecast in his latest SHIB analysis, pointing to a bull flag pattern formed by the dog-themed asset over a six-day timeframe. Typically, bull flags indicate continuation patterns, signaling consolidation before resuming the previous uptrend.
For context, Shiba Inu’s previous uptrend occurred from February 25 to March 5, during which it surged over 370% to a yearly high of $0.00004567. Although SHIB faced resistance at the $0.000045 level, this was expected due to a supply wall at this point, where 57,740 addresses hold 9.56 trillion tokens, according to IntoTheBlock data.
Shiba Inu GIOM | IntoTheBlock
Following this uptrend, a correction ensued, causing Shiba Inu to relinquish some of its initial gains. Broader market turbulence exacerbated this bearish trend. Marks’ chart reveals that this downtrend, persisting since March 6, resulted in a bull flag formation.
Significant Breakout
However, the crypto market experienced a resurgence this week, led by Bitcoin’s rally above $71,000 for the first time in over a month. Shiba Inu capitalized on this market rebound, recording an impressive price spike and reclaiming the $0.000026 threshold for the first time in two weeks. Despite encountering resistance at this level, SHIB closed with a 9% increase.
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Marks confirms this uptick has enabled Shiba Inu to break above the prevailing bull flag. He suggests that holding this breakout could catalyze another surge similar to the one in late February. To maintain this breakout, It must prevent drops below the support level at $0.0000246. A drop below this point would pull SHIB back into the bull flag. To mitigate this risk, bulls need to sustain the $0.0000249 level, aligning with Fibonacci 0.236.
Targeting $0.0001553
Conversely, Marks predicts this second leg up could push Shiba Inu by another 210%, reaching $0.000081, just 9% below its all-time high of $0.00008845. Should SHIB breach $0.000081, Marks sets a higher target of $0.0001553, representing a 511% increase from the current price of $0.0000256.
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Interestingly, another analyst, Eunice Wong, predicted last month that Shiba Inu was poised for a second upswing. Wong, however, set a 409% rise to $0.000125 as the ultimate target for this rally. It now aims to leverage a gradual increase in accumulation to approach these targets.
Market data shows the Accumulation/Distribution metric rose to 7.58 trillion SHIB amid the 9% intraday gain, up from 7.34 trillion on April 30. Although SHIB is down 2% today, investors continue withdrawing their tokens from exchanges, according to Coinglass data.
