A more optimistic price target has been placed for the Shiba Inu price, with an analyst mentioning the key argument that could see this top meme coin reach the $0.000081 level. This price forecast has been made after Shiba Inu has recently posted considerable gains suggesting potential for a major rally.
Steps Shiba Inu Price Must Take In Order To Reach $0.000081
Well known crypto analyst, Javon Marks, took to X (formerly Twitter) on October 28 to announce that Shiba Inu, the second largest meme coin in terms of market capitalization is currently in an uptrend phase. It is already apparent that some bull patterns have been fulfilled and there are expectations that SHIB may be getting to the next big uptrend, or as the analyst says, “the next phase of extreme bullish sentiment”.
Through the price action of Shiba Inu clearly illustrated on a chart, Marks has given a new target of $0.000081 for the digital asset. This target price is just barely below the previous highest ever price of Shiba Inu which is $0.000086 recorded in the last bull run in 2021.
In addition, Marks has indicated that in order for Shiba Inu price to achieve the target of $0.000081, the meme coin shall need to gain about 351% from its current price. The main catalyst likely to push Shiba Inu towards this bullish target is sustained breakout with formation of multiple bullish patterns.
According to Mark’s projection, the Shiba Inu price can be able to gain incredibly rapid returns, and may even hit the target of $0.000081 within a short time if the break-out mood and bullish trends remain intact. The meme coin is already warming up to the preceding vertical price levels around the $0.00002 level.
As a point of fact, this is not the very first occasion that Marks has expressed a bullish potential of Shiba Inu. On October 11, for example, the analyst stated that SHIB was ready to go on the $0.000081 price level after breaking out a Falling Wedge pattern and a notable resistance trend line. The analyst stated that this Falling Wedge breakout is towards the trigger that will take SHIB to higher price levels.
SHIB’s Price Action is Under Class That Broadsided 7% Rally
Though a bitcoin price prediction made by some analysts looks bullish, the meme coin has followed a significant upward trajectory having performed strongly against the fluctuations of the total market. It was revealed by CoinMarketCap that over the past twenty-four hours, Shiba Inu showed a roughly 7.63% price increase.
The cryptocurrency appears to be still growing, with the number of trades conducted daily increasing by a significant 181.43%. This sort of dramatic growth in both price and practically all trading metrics of the meme token indicates a regained enthusiasm and speculation for Shiba Inu by the investors.
Also, in coinglass derivative data, the volume for Shiba Inu increased by a great 209.2%, while its rate of open interest increased by 16.33%. Solamente, while writing this piece, the last price of Shiba Inu on the market was $0.000018.
