Shiba Inu experienced a sharp downturn during the recent market correction, with its value dropping over 22% in the past week. This decline caused the dog-themed cryptocurrency to retest its early November low of approximately $0.00001853.
Despite this setback, a strong rebound was observed, as SHIB recovered near its critical demand zone of $0.000022. From its low point, the asset achieved a 24% increase and now trades at $0.00002312.
Due to this recovery, analyst Javon Marks has emphasized that Shiba Inu’s bullish trend remains intact. In a recent statement, Marks expressed confidence that the meme coin would stay on its path to $0.000081.
Signs of Bullish Momentum in Shiba Inu
It has been noted by Marks that Shiba Inu displays promising bullish potential. According to his analysis, the cryptocurrency’s rebound has triggered a signal indicative of future price surges.
Additionally, it was highlighted that Shiba Inu’s progress toward its all-time high of $0.00008854 is still achievable. Marks has projected that the token could rise by over 234%, reaching $0.000081.
This outlook was supported by a chart demonstrating Shiba Inu’s bullish confirmation. On the SHIB/USD daily chart, a bullish engulfing pattern was confirmed with a strong daily close.
Although the exact timeline for this target remains unspecified, Marks’ remark about the move being “in the cards” suggests that significant price action could occur soon.
Targeting $0.000081: Shiba Inu’s Potential
Marks has consistently reiterated his forecast regarding Shiba Inu’s potential rise to $0.000081. His analysis has been rooted in the meme coin’s bullish momentum and its ecosystem developments.
In October, Marks had already predicted an imminent move to this target. The projection came before the broader crypto market experienced a surge following Donald Trump’s election victory.
At that time, Shiba Inu was trading at $0.0000178. Investors purchasing at that level would have seen a portfolio increase of over 30% based on current prices.
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However, the token remains 252% below the $0.000081 target.
Broader Shiba Inu Market Outlook
Similar bullish sentiments have been shared by other analysts. A prominent figure within the community, SHIB KNIGHT, has suggested that the token is poised to surpass $0.00008618 and achieve unprecedented price levels.
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Additionally, another analyst, known as Charting Guy, has speculated on a retest of Shiba Inu’s all-time high. He based his prediction on a symmetrical triangle breakout pattern, which suggests a potential rise to $0.00008841.
By capitalizing on the current momentum and strong technical indicators, Shiba Inu’s upward trajectory remains a possibility, making it an asset to watch closely.
