Shiba Inu holds above a falling wedge pattern it recently broke despite the steep correction amid broader market turbulence.
As a result of this bullish resilience, market participants now expect an explosive move upward once the correction ends. Notably, Javon Marks, a market analyst, called attention to this resilience in an updated analysis, projecting the potential direction of Shiba Inu’s price.
Initial Analysis: Shiba Inu Breakout
For context, Marks first highlighted the breakout in his earlier report on Aug. 23. According to him, SHIB had at the time successfully broken out of the falling wedge pattern, a development that signaled a shift from a bearish to a bullish trend.
In his assessment, he called attention to the importance of this breakout, suggesting that the move could trigger a substantial rally toward a price target of $0.000081. Interestingly, this target represents a possible upside of over 432%.
The initial chart showed that the breakout occurred on Aug. 20 after a series of price increases. Shiba Inu’s price surged, reaching a high of $0.00001439 on August 22, followed by another spike that pushed the asset to a peak of $0.00001612 on Aug. 24.
Marks has expressed optimism that the price action represented only the early stages of a more significant rally. Despite the bullish breakout, SHIB experienced a slight pullback from Aug. 25, which is typical after such movements.
SHIB Retains Breakout
Most recently, Marks revisited his analysis amid the ongoing correction. However, he maintained the bullish outlook, confirming that Shiba Inu has retained its falling wedge breakout despite the retracement. The meme coin has used the upper trendline of the falling wedge as support.
$SHIB (Shiba Inu) also holds here a Falling Wedge breakout that has been confirmed!
It's larger target remains at the $0.000081 level and this breakout may only help spark the next wave of an over 480% run to reach it… https://t.co/acGTmPq17h pic.twitter.com/kcKiFeeSYc
— JAVON⚡️MARKS (@JavonTM1) September 13, 2024
According to him, the $0.000081 target, representing a 432% increase, remains intact. For the uninitiated, the falling wedge pattern suggests that the bearish momentum from the retracement which began in mid-March is waning, and buyers are beginning to take control.
For context, Shiba Inu reached a yearly high of $0.000045 in March 2024 before plunging into the current downtrend. The asset’s decline led to the formation of the falling wedge, characterized by lower highs and lower lows. After hitting a low point, SHIB gradually regained strength, with the falling wedge breakout acting as a pivotal moment.
Although the broader cryptocurrency market has faced challenges recently, including macroeconomic factors and market volatility, Marks remains confident in SHIB’s potential. At press time, Shiba Inu changes hands at $0.00001327, up by a meager 0.32% over the last 24 hours.
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.
