Crypto Analyst Predicts Further Upside For Shiba Inu, Here’s The Target
March 15 2024 - 7:00PM
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Shiba Inu is currently on a consolidation path after a strong
upswing earlier in the month. Specifically, SHIB is currently down
by 13% in the past seven days, although still up by 210% in a wider
30-day time frame. According to crypto analyst Javon Marks, Shiba
Inu is on its way to another major breakout after the current
consolidation. The analyst sees the meme coin surging to $0.000081,
and then a further 90% increase to hit a new all-time high.
Continued Uptrend For Shiba Inu Shiba Inu has seen massive gains
recently, rallying 280% from $0.00001178 on the last day of
February to $0.00004456 on March 5. This surge allowed the dog meme
coin to outperform most cryptocurrencies amidst a wider bull
market, taking a lot of traders by surprise. This price surge was
accompanied by an increase in trading volume. Kaiko data reveals
that Shiba Inu saw the largest volume among meme coins at $31
billion in just one week. Related Reading: Dogecoin Open Interest
Maintains Record Highs, Is A Crash Coming? However, according to
social media posts, analyst Javon Marks had predicted a surge as
far back as October 2023, with a SHIB price target of $0.000081. In
a recent update to his prediction, Javon noted that the price is
set for even more growth, with the breakout target of $0.000081
still valid. Since the attached and more original analysis,
prices of $SHIB has shown MASSIVE STRENGTH, climbing approximately
+531%, but these prices can be set for even more growth! With the
breakout target still at $0.000081, prices of Shiba Inu could have
another +147% move coming. A… https://t.co/ZjA5onlnBO
pic.twitter.com/YuUllePvbl — JAVON⚡️MARKS (@JavonTM1) March 13,
2024 It’s interesting to note that SHIB has done approximately a
531% increase since Javon’s prediction in October. Furthermore,
according to his analysis, a break and hold above $0.000081 could
set the stage for another 90% upside to $0.0001553, a new all-time
high for the meme coin. Current State Of Shiba Inu Shiba Inu has
reversed since reaching $0.00004456 and has majorly traded between
$0.0000365 and $0.0000295 in the past week. On-chain data points to
a surge in trading volume during this time period. Particularly,
IntoTheBlock’s large trader flow metric, which measures
transactions greater than $100,000 has surged, reaching $578.11
million (17.62 trillion SHIB) on March 11th. The last 24 hours saw
9.94 trillion SHIB ($300.55 million) in large transactions.
Related Reading: Cardano Ready For Breakout As Network Adoption
Hits Major Milestone While this surge in trading volume could mean
an increased accumulation from large traders, it could also mean a
selloff, as indicated by the recent drop in price. However, the
crypto looks poised to resume price gains, and on-chain signals
from ITB point to a bullish sentiment. Lola, a SHIB
enthusiast, listed on X, key factors that could contribute to the
meme coin’s growth in the near future. These factors range from
SHIB’s decentralization, global accessibility and adoption, its
strong community, and an efficient deflationary burn mechanism.
Notably, over 25.6 million SHIB tokens have been burnt in the past
24 hours. SHIB price retraces to $0.0000288 | Source: SHIBUSDT on
Tradingview.com Featured image from The Economic Times, chart from
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