A new bullish price target has been set the Shiba Inu pricewith an analyst revealing the key trigger that could push this top meme coin to the $0.000081 level. This optimistic price forecast follows Shiba Inu’s recent substantial gains, indicating the potential for a major rally.
Shiba Inu price path to $0.000081
Popular crypto analyst Javon Marks joined X (formerly Twitter) on October 28. announce that Shiba Inu, the second largest meme coin by market cap, is now in a outbreak phase. Several bull patterns have already been spotted, suggesting that SHIB could be preparing for another massive uptrend, or as the analyst puts it, “it’s the next leg of massive bullishness.”
Looking back at Shiba Inu price action via a detailed chart, Marks has a new goal of $0.000081 for the cryptocurrency. This price target is just below the current price target of Shiba Inu Highest ever (ATH) of $0.000086, which was reached in 2021 during the last bull market.
Furthermore, Marks revealed that for the Shiba Inu price to reach its expected target of $0.000081, the meme coin will need to experience a massive 351% increase from its current price. The main catalyst that will drive Shiba Inu towards this bullish target is an ongoing breakout with the formation of multiple bullish patterns.
Based on Mark’s projection, Shiba Inu price has the potential to rise quickly and possibly reach the $0.000081 target quickly if the current breakout momentum and bullish trends continue. The meme coin is already closing in on previous price highs around $0.00002.
Interestingly enough, this isn’t the first time Marks has made this bullish prediction for Shiba Inu. The analyst announced earlier on October 11 revealed that SHIB was preparing to hit $0.000081 after breaking out a Falling wedge pattern and a significant resistance trend. The analyst revealed that this Falling Wedge break will be the spark behind this SHIB’s rise to new price levels.
SHIB shows strong price action with a 7% rally
While analysts are predicting bullish price targets for Shiba Inu, the meme coin has been on a major uptrend strong momentum amid broader market volatility. Data from CoinMarketCap has shown that the Shiba Inu price has risen by around 7.63% over the past 24 hours.
It appears that the cryptocurrency is still on the rise, with daily trading volume increasing by a whopping 181.43%. This huge increase in both price and trading statistics suggests renewed confidence and interest of investors in Shiba Inu.
Coin glass derivative facts also revealed that Shiba Inu volume increased by a whopping 209.2%, while open interest increased by 16.33%. Moreover, at the time of writing, the price of Shiba Inu is trading at $0.000018.
Featured image created with Dall.E, chart from Tradingview.com