Market veteran Javon Marks sees Shiba Inu displaying sufficient strength to breach the $0.000081 territory upon the recent recovery, with a potential push toward $0.0001553.
Shiba Inu is currently pushing to recover the losses of the past two weeks. Recall that the asset dropped 14.72% from March 11 to 24 during the market-wide correction. The recent rebound has helped SHIB to recoup some of the lost values, as it rose 10.68% this week.
Amid the recovery, SHIB has set itself on an uptrend, displaying immense strength, as disclosed by Javon Marks. According to Javon, the latest upward momentum is a precursor to another impressive push higher, similar to what SHIB observed from late February to early March.
Shiba Inu Shows Impressive Strength
Data from an accompanying chart indicates that Shiba Inu’s price is well above a downward resistance trend that plagued the cryptocurrency for 16 months. The downward trend began when SHIB dropped from the $0.00008845 all-time high.
$SHIB (Shiba Inu) has returned with signs of major strength here and can be ready for another massive leg up towards the $0.000081 target!
With prices remaining broken out of the displayed resisting trend and showing substantial progress since, another +141% upside to reach this… https://t.co/ndjcoduVZ9 pic.twitter.com/IYBxliQMnf
— JAVON⚡️MARKS (@JavonTM1) March 28, 2024
However, the crypto asset eventually breached it when it rallied to $0.00001590 last January. Shiba Inu retested the trendline upon the collapse to $0.000006 in June 2023. Following this retest, SHIB continued to increase in price, surpassing the downtrend.
Javon foresees another potential 141% price push for Shiba Inu amid this sustained upward momentum. According to the chart, this push would allow Shiba Inu to reclaim the $0.000081 price zone, giving it a platform to recover its ATH of $0.00008845.
The analyst believes a pump to $0.000081 is only a matter of time. However, Javon’s projections go beyond this territory, as the analyst anticipates further growth toward $0.0001. According to him, SHIB’s recent 14% retracement precipitated strength in the market.
SHIB Looking to Hit $0.0001553
Javon says this strength could help the cryptocurrency register another 90% rally, essentially spiking to $0.0001550 to clinch a new all-time high. Multiple industry commentators have expressed confidence in Shiba Inu’s potential to hit the $0.0001 zone.
Nonetheless, the asset has multiple resistance levels to breach before reaching these price targets, with the last resistance point stationed at a price range of $0.000056 to $0.000131, where 87,810 addresses procured 29.7 trillion SHIB tokens, according to IntoTheBlock data.
Meanwhile, Shiba Inu is currently changing hands at $0.0003105 after dropping from the recent high of $0.00003262. Investors have trooped into the market, pushing its 24-hour trade volume by 16.28% to $1.74 billion. Open Interest (OI) has also increased by 1.56% in 24 hours to $108 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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