While Shiba Inu has been one of the most painful assets to hold in recent weeks, market watcher Javon Marks asserts the time has finally come for a 231% surge back to the yearly high.
Shiba Inu’s trajectory over the last month has been underwhelming, as it has traded consistently around $0.000013. Two weeks ago, SHIB gave hopes of a bull comeback when it reclaimed $0.0000161, setting a fresh high for August.
However, just three days later, Shiba Inu slipped back to $0.000013. Since the start of the new month, the meme coin has already hit a low of $0.00001259, though it has since rebounded slightly, trading at $0.00001336 at the time of writing.
Shiba Inu Set to Reclaim 2024 High
Despite this ongoing lackluster performance, analyst Marks remains confident in Shiba Inu’s price action for the coming weeks. In an updated analysis, he highlighted that SHIB has confirmed multiple bullish patterns on the relative strength index (RSI).
In his view, the RSI signals a potential price surge of over 231%. Marks stressed that this recovery rally could send SHIB back to its 2024 highs.
Notably, Shiba Inu established its 2024 high six months ago in March when its price surged to $0.000045. This marked its peak value in three years. Remarkably, the spike occurred just ten days after Shiba Inu’s uptrend began.
However, SHIB, along with the broader market, turned bearish shortly afterward. Accordingly, the token lost over 60% of its gains in the past six months.
$0.000081 Remains Key Target for SHIB
Marks also pointed out that Shiba Inu’s potential recapture of its 2024 high is only part of a much larger price rally. According to him, the $0.000081 price target remains a critical milestone in SHIB’s comeback.
Should Shiba Inu reach this target, investors who bought it at lower prices could see gains of over 480%. Notably, $0.000081 would put SHIB just 9.2% away from breaking its all-time high of $0.00008845.
Marks has repeatedly teased the $0.000081 price point in numerous analyses, though this development is taking longer to materialize. His peak outlook for SHIB this season is for the asset to top out at $0.00015, canceling a zero and setting an unprecedented price point.
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