Triple Bottom Suggests Shiba Inu On Verge of Setting New ATH Above $0.00008845

A notable crypto analyst and community influencer believes Shiba Inu (SHIB) might be on the verge of setting new all-time highs, citing historical data.

Shiba Inu (SHIB) is currently 91% down from the all-time high (ATH) of $0.00008845 in October 2021. Despite the bearish atmosphere, crypto analyst and community influencer Javon Marks believes SHIB is on the verge of hitting new ATHs.

Marks revealed this bullish yet ambitious projection in an analysis of Shiba Inu’s price movements today. The prediction stems from an observation of SHIB’s historical price movements, particularly during the period leading to the previous ATH.

$SHIB (#ShibaInu) may be ready to set new All Time Highs… pic.twitter.com/m2ep5PJR0L

— JAVON⚡️MARKS (@JavonTM1) August 29, 2023

First Triple Bottom 

The analyst cited data from a 4-day chart. The chart confirmed that Shiba Inu previously formed a triple bottom pattern before embarking on the rally that saw it claim the ATH of $0.00008845 in October 2021.

A triple bottom pattern forms when the price of an asset drops to a certain level three times and then rebounds. This creates a distinct pattern of three troughs or lows at roughly the same price level. 

This pattern suggests that the asset’s price has reached a support level and is likely to reverse its downtrend. The reversal could lead to a massive upward price movement, as in Shiba Inu’s price actions two years ago.

Notably, SHIB reached the first bottom when it plummeted to the $0.00000628 region in June 2021. A recovery ensued but was short-lived, leading SHIB to drop again to the second bottom of $0.00000631 in August 2021.

Shiba Inu staged a second recovery after this second bottom. However, like the first recovery campaign, this recovery campaign also faced resistance. Accordingly, SHIB formed the third bottom at $0.00000606 in September 2021.

After forming these three bottoms, the next recovery campaign skyrocketed Shiba Inu to $0.00008845 ATH. This rally represented a 1,359% increase from the bottom of $0.00000606 in September 2021.

Shiba Inu Forms Another Triple Bottom

Interestingly, Javon Marks’ chart data shows that Shiba Inu has formed another triple bottom pattern. SHIB formed the first bottom of this cycle when it dropped to the $0.00000818 zone in June 2022.

The second bottom came from a drop to $0.00000791 in December 2022. However, the third bottom occurred this year, as Shiba Inu plummeted to a shocking low of $0.00000543 in June 2023.

Following these three bottoms, Marks suggests that the next recovery campaign could result in substantial gains. These gains could skyrocket Shiba Inu to new highs. Shiba Inu is trading for $0.00000808 as of press time, up 1.51% over the past day.

Should SHIB establish a fourth bottom after the triple bottom pattern, it might diminish the pattern’s importance by implying that the support level isn’t as robust. This doesn’t nullify the pattern but does cast uncertainty.