Crypto analyst Javon Marks sees potential for Shiba Inu (SHIB) to surge over 215% based on technical analysis shared on X. The meme token has broken out of its downtrend with a 162% gain, while displaying bullish divergence patterns that suggest further upward momentum.
SHIB’s Technical Analysis Points to Major Resistance Level
The analysis revealed a clear breakout from SHIB’s previous downtrend after substantial consolidation at lower price levels.
Volume data showed increased trading activity during the breakout phase, lending credibility to the upward move. The token successfully retested previous resistance zones around $0.00001, which now serve as support levels.
Market charts indicate the formation of a cup and handle pattern, typically associated with continuation of bullish trends. The RSI indicator demonstrates upward momentum following the divergence pattern identified in the analysis.
Per price data from CoinGercko, SHIB trades at $0.00002499. The meme token has dipped in value over the last day and week with its trading volume at $1,604,288,114.
Read also: Cardano (ADA) or Ripple (XRP) – Who Will Get to $2 First? Analyst Has a Winner
Hidden Bullish Divergence Signals Strength
Marks identified a hidden bullish divergence on both price action and RSI indicators. The pattern shows SHIB creating higher price lows while the RSI registers lower lows, suggesting underlying strength in the token’s performance. This technical setup forms part of the basis for the projected 215% rally to $0.000081.
The analysis establishes $0.000081 as the primary breakout target, representing a potential 215% increase from current levels. Support remains established at $0.000005, with the analysis suggesting this level must hold to maintain the bullish outlook.
The chart structure shows multiple resistance zones before reaching the ultimate target, with an intermediate move of 75% above 2024 highs predicted along the way.
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