Shiba Inu (SHIB) is holding strong above a critical breakout level, and analysts are predicting a massive surge in the coin’s price. Despite a lull in short-term price movement, experts suggest that this trend could pave the way for a 450% price spike in the near future.
Long-Term Trend Suggests Potential for Massive Growth
Analyst Javon Marks, who has been tracking SHIB’s long-term price action, points out that the coin is still trading above its breakout level from late 2022, signaling a potential price rally. According to Marks, if SHIB maintains its current position, it could see an enormous 450% increase, with a key price target of $0.000081, up from its current price of $0.00001436.
Marks explained, “Shiba Inu continues to hold its breakout which took place in late 2022/early 2023, and prices are still majorly positive since. With this price breakout holding, the target for SHIB continues to be at the $0.000081 point, which is currently over 450% away.”
The analyst attributes SHIB’s ongoing strength to its long-term on-chain data, calling it a “textbook bull signal.” Marks also notes that the slower price action since the breakout may contribute to the longevity and potential scale of the rally, making a break above the target price more likely.
Current Market Conditions for SHIB
At present, SHIB is trading at $0.00001446, showing a slight 1% increase in the last 24 hours. However, the 7-day chart indicates a slight dip, suggesting that the price is treading sideways as it consolidates before a potential breakout.
Shiba Inu’s market capitalization stands at $8.5 billion, with daily trading volumes reaching $273 million. Traders are closely monitoring the situation, as there are concerns about a looming “death cross,” a bearish signal that could cause a short-term slump. However, some optimistic traders believe that this pattern could spark a 20% rally, citing similar movements in 2023.
Shiba Inu’s Potential for Growth
While market sentiment remains mixed, analysts are keeping their eyes on Shiba Inu’s long-term trend, which remains positive despite recent price stagnation. If the trend continues, Shiba Inu could experience significant price gains, making it one of the most talked-about assets in the cryptocurrency market.
As the price holds above the critical breakout level, investors are hopeful that the projected 450% surge could become a reality, further cementing SHIB’s place as a leading meme coin with massive potential.
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