Shiba Inu (SHIB) has been highly volatile lately. Despite a correction in the broader cryptocurrency market, SHIB has faced even steeper declines, dropping by 10.24% to $0.00001767 in the past 24 hours.
This downturn has disappointed many of its enthusiastic followers. Nonetheless, some analysts still hold optimism for SHIB’s future potential.
Analyst Javon Marks Bullish on Shiba Inu (SHIB) Amid Market Slump
Javon Marks (@JavonTM1), a notable analyst, sees the current downturn as a buying opportunity for SHIB. Despite recent declines, Marks points out that Shiba Inu remains well above its price levels before its significant breakout in February.
During that breakout, SHIB surged by an impressive 370% in just one week, briefly exceeding $0.00004. Although it didn’t maintain these highs, SHIB has retained most of the gains from that period.
Marks highlights that SHIB’s current price is still significantly higher than its pre-breakout levels in February, showing a sustained upward trend. According to his analysis, SHIB was trading 100% higher than it was in February at the time of his assessment.
Looking ahead, Marks projects a potential 294% increase in SHIB’s price, potentially pushing it to $0.000081. This optimistic outlook is based on his assessment of SHIB’s historical performance and current market conditions.
Analysts Bullish on Shiba Inu (SHIB) Despite Market Challenges
Looking ahead, Shiba Inu (SHIB) faces a formidable challenge in the form of a sell wall positioned just below the $0.0001 mark. This significant resistance level, identified by IntoTheBlock, represents holdings totaling 29.6 trillion SHIB, valued at approximately $538 million. Breaking through this barrier could serve as a crucial catalyst for sustained upward momentum.
Javon Marks, a consistent advocate for SHIB since March, believes that if SHIB can maintain levels above $0.000081, it could potentially surge to $0.0001553, surpassing the top of the sell wall at $0.000139. Marks’ bullish outlook underscores SHIB’s potential for significant price appreciation based on current market dynamics.
Despite recent declines prompting concerns among some investors, on-chain analytics from Santiment offer a potential silver lining. The prevailing bearish sentiment surrounding SHIB might act as a contrarian indicator, suggesting a possible upcoming rally.
This theory posits that overly negative investor sentiment could signal an oversold condition, potentially paving the way for buying opportunities and price recovery.
In the short term, Shiba Inu’s outlook remains uncertain due to broader cryptocurrency market corrections and the formidable sell wall. Nevertheless, analysts like Marks maintain optimism about SHIB’s resilience and potential for a turnaround, highlighting what could be a pivotal moment for the meme coin.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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