Despite Recent Slump, Expert Sees Shiba Inu Breaking into the $0.000081 to $0.00015 Range

Notable analyst Javon Marks sees Shiba Inu breaking into the $0.000081 to $0.00015 range despite the latest market-wide slump that has sent prices tumbling.

Shiba Inu (SHIB) has felt a greater impact from the ongoing market retracement due to its higher volatility. While Bitcoin (BTC) and Ethereum (ETH) are respectively down 0.77% and 2.97% in the past 24 hours, SHIB has collapsed by a more substantial 9.88% within the same timeframe.

Shiba Inu Maintains Uptrend Despite Recent Dip

Despite the bearish momentum, which has triggered a 19% drop in the past seven days, market analysts such as Javon Marks expect the retracement to lead to a more substantial price upsurge. In his most recent analysis, Marks called attention to the fact that Shiba Inu is still seeing gains from the level it broke out of in February.

For context, Shiba Inu engineered a remarkable 370% increase in a week from late February to March 5, reaching the $0.000045 level. After a collapse from this peak, SHIB has failed to confidently record a recovery push to the previous highs. However, it remains well above the price it traded at before the breakout.

At a current price of $0.00001830, Shiba Inu is up over 91% from its low on Feb. 25. Another market analyst previously touted a drop to $0.000018 as a good but opportunity. Meanwhile, Marks sees the general uptrend as indication that the price run is still in effect. Based on this premise, he projects a 294% price upswing to take Shiba Inu toward the $0.000081 price territory.

$SHIB (Shiba Inu)'s price is still up over 100% since breaking out of the displayed resisting trend which can be letting us know that a RUN is IN-EFFECT!

With prices being broken out, the target is at $0.000081, meaning another +294% upside from here to reach it can take place… https://t.co/768GdhkTAk pic.twitter.com/pVoXrcqkBE

— JAVON⚡️MARKS (@JavonTM1) June 17, 2024

According to him, the ongoing market pullback, which has broken below the $0.00002 level, could only be a contributing factor to the massive price upsurge. Marks expects Shiba Inu to eventually breach the $0.000081 level to the much-coveted $0.0001 territory, marking a new all-time high.

A Possible Rally to the $0.000081 to $0.0001553 Range

Notably, Shiba Inu faces a sell wall just below the $0.0001 price level, representing a major resistance between $0.000056 and $0.000139. According to IntoTheBlock, this massive sell wall represents a level at which 91,760 addresses procured 29.6 trillion SHIB currently worth $538 million at an average price of $0.000066.

If Shiba Inu breaks the resistance at this supply wall, it is likely to retain the uptrend. Marks suggests a price increase to $0.0001553 when this happens. It bears mentioning that the analyst started this bullish projection months back, arguing in March that SHIB is on the verge of reaching the $0.0001553 level. He has since maintained this outlook.

Meanwhile, the bears have successfully breached the $0.00002 support level, causing a slump to a four-month low of $0.00001696 earlier today. The last time Shiba Inu saw the $0.000016 price was in February. Nonetheless, Santiment suggests that the bearish sentiment from this downturn could serve as a sign of an imminent rally.