Market Veteran Projects Shiba Inu Rally to $0.0001553 as SHIB Gains 9% in a Day

Market analyst Javon Marks expects Shiba Inu to leverage the latest price upswing for a rally toward the $0.00015 price territory.

Marks made this forecast in his latest SHIB analysis, calling the public’s attention to a bull flag pattern formed by the dog-themed asset in the six-day timeframe. Bull flags typically occur as continuation patterns, showing a consolidation before a resumption of the previous uptrend.

Shiba Inu Forms Bull Flag

For context, Shiba Inu recorded its previous uptrend from Feb. 25 to March 5, when it surged by over 370% to the yearly high of $0.00004567. SHIB faced resistance at the $0.000045 territory, but this was expected, as IntoTheBlock data confirms a supply wall at this level, where 57,740 addresses hold 9.56 trillion tokens.

The ensuing correction led to Shiba Inu giving up some of the previous gains of this initial upsurge. The broader market turbulence further exacerbated this bearish situation. Marks’ chart shows that this downtrend, which has prevailed since March 6, resulted in the formation of a bull flag.

$SHIB (Shiba Inu) now holds broken out of a “smaller” Bull Flag like pattern and this breakout may be enough to spark another major wave up in an already massive uphill run!

With a larger breakout also holding, this smaller break can initiate a continuation in an over 210% run… https://t.co/aeZ24NLMgj pic.twitter.com/j2AfojQMsA

— JAVON⚡️MARKS (@JavonTM1) May 20, 2024

An Impressive Breakout

However, the crypto market recorded a resurgence this week, championed by Bitcoin’s rally above $71,000 for the first time in over a month. SHIB has capitalized on this broader market rebound to record an impressive price spike, reclaiming the $0.000026 threshold yesterday for the first time in two weeks.

Despite the resistance encountered at this level, SHIB closed yesterday with a 9% increase. Marks confirms that the price uptick has helped Shiba Inu break above the prevailing bull flag. According to the analyst, SHIB’s ability to hold this breakout could catalyze another run similar to the one observed in late February.

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Shiba Inu must defend against any drops below the support level at $0.0000246 to retain this breakout. Notably, a drop underneath this point would take SHIB back into the bull flag. To mitigate the chances of slumping below $0.0000246, the bulls would have to hold $0.0000249, which aligns with Fibonacci 0.236. 

Shiba Inu Targets $0.0001553

On the flip side, Marks expects this second leg up to push Shiba Inu by another 210% toward the $0.000081 level, just 9% below its ATH of $0.00008845. Should SHIB breach the $0.000081 level, the analyst sets a higher target of $0.0001553, marking a 511% increase from the current price of $0.0000256.

Interestingly, another analyst Eunice Wong predicted last month that Shiba Inu was on the verge of engineering this second upswing. Nonetheless, Wong set up a 409% rise to $0.000125 as the ultimate target for this rally. SHIB now looks to ride on a gradual uptick in accumulation to have a go at these targets. 

Market data indicates that the Accumulation/Distribution metric rose to 7.58 trillion SHIB yesterday amid the 9% intraday gain. This represents an impressive uptick from 7.34 trillion recorded on April 30. SHIB is down 2% today, but investors have continued to pull out their tokens from exchanges, per Coinglass data.