In the ever-evolving world of cryptocurrencies, expert analyst Javon Marks has recently turned the spotlight on Shiba Inu (SHIB), forecasting potential new all-time highs for the popular meme coin.
Per data from CoinGecko, Shiba Inu is currently 90.38% off its peak value of $0.00008616 as of October 28, 2021.
However, according to Marks, the meme coin shows signs of a significant upward trajectory. His forecast comes after a thorough examination of SHIB’s recent price movements and historical data, especially the patterns leading up to its past peak.
$SHIB (#ShibaInu) may be ready to set new All Time Highs… pic.twitter.com/m2ep5PJR0L
— JAVONMARKS (@JavonTM1) August 29, 2023
A critical observation Marks made is the appearance of a “triple bottom” pattern in SHIB’s latest price chart. In technical analysis, a triple bottom is a bullish chart pattern that consists of three identical lows followed by a breakthrough above the resistance level.
It is usually taken to signify a strong support level and a potential downward trend reversal.
According to Marks’ analysis, the last time the price of Shiba Inu experienced a triple bottom was between June and September 2021, when it sank to $0.00000619, $0.00000593, and $0.00000592.
Shortly after the third dip, Shiba Inu went on an impressive bull run from Oct. 4 to Oct. 28, recording its all-time high price.
SHIB price chart October 2021 | Source: CoinGecko
Marks claims a similar pattern has emerged in Shiba Inu’s price chart, although the intervals between bottoms have been more spread out this time.
In his estimation, it started in June 2022, when the meme coin bottomed out at $0.00000818. The second dip in this new triple bottom cycle occurred at the tail end of 2022, with SHIB tanking to the $0.00000791 level.
Marks has pinpointed Shiba Inu’s crash in June 2023, when it dropped as low as $0.00000543, as the third and final bottom.
SHIB price chart, June 2022–June 2023 | Source: CoinGecko
While this pattern suggests a strong support level and potential upside for Shiba Inu, there are fears that a fourth bottom could introduce an element of uncertainty.
Despite this, Marks remains optimistic about the dog-themed coin’s potential to reach new all-time highs. SHIB is trading at $0.00000825, up 2.3% in the last 24 hours.
It hasn’t been straightforward for SHIB, though, with the meme coin reacting lethargically to developments in the Shiba Inu ecosystem, including the successful relaunch of its Shibarium layer-2 blockchain, initially marred by technical glitches.
Some, like Shiba Inu marketing strategist Lucie, have blamed the coin’s lack of serious momentum on the general state of the crypto market.
Why No Moon? Why $SHIB down?
Eh… $SHIB‘s unstoppable spirit is real, but it rides the market’s waves too. It’s everywhere!
Okay, a little bumpy now, but what about the Bullmarket?
Remember, thinking long term matters. Short-term victories fade fast. BE POSITIVE… pic.twitter.com/ZQQGKxIhrk
— | Summer of Shibarium (@LucieSHIB) August 28, 2023
However, as seen in the post above, Lucie shares similar sentiments with Javon Marks, predicting an upcoming bull market that they hope will greatly benefit SHIB.
The post Analyst Explains How Shiba Inu (SHIB) Can Chart New All-Time High appeared first on CryptoPotato.
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