A new bullish price target has been set for the Shiba Inu price, with an analyst revealing the major trigger that could push this top meme coin to the $0.000081 level. This optimistic price forecast follows recent substantial gains experienced by Shiba Inu, indicating a potential for a major rally.
Shiba Inu Price Path To A $0.000081
Popular crypto analyst, Javon Marks, took to X (formerly Twitter) on October 28, to announce that Shiba Inu, the second-largest meme coin by market capitalization is now in a breakout phase. Already, several bull patterns have been spotted, suggesting that SHIB could be gearing up for another huge uptrend, or as the analyst puts it, “it’s next leg of immense bullishness.”
Reflecting on the Shiba Inu price action via a detailed chart, Marks has forecasted a new target of $0.000081 for the cryptocurrency. This price target is just shy of Shiba Inu’s current All-Time High (ATH) of $0.000086, which was achieved in 2021 during the last bull market.
Moreover, Marks has revealed that for the Shiba Inu price to reach the projected target of $0.000081, the meme coin will have to experience a massive 351% increase from its current price. The primary catalyst set to drive Shiba Inu towards this bullish target is a continued breakout with the formation of multiple bullish patterns.
Based on Mark’s projection, the Shiba Inu price has the potential to make rapid gains, possibly reaching the $0.000081 target at a fast pace if the current breakout momentum and bullish trends continue. Already the meme coin is getting closer to previous price highs around the $0.00002 mark.
Interestingly, this isn’t the first time that Marks has made this bullish prediction for Shiba Inu. Earlier on October 11, the analyst revealed that SHIB was preparing to hit $0.000081 after breaking out of a Falling Wedge Pattern and a significant resistance trend. The analyst revealed that this Falling Wedge break is set to be the spark behind SHIB’s rise to new price levels.
SHIB Shows Strong Price Action With a 7% Rally
While analysts predict bullish price targets for Shiba Inu, the meme coin has been on a major upward trend, experiencing strong momentum amidst broader market volatility. Data from CoinMarketCap has revealed that the Shiba Inu price has increased by approximately 7.63% in the last 24 hours.
The cryptocurrency looks to still be on the rise, with daily trading volume soaring by an impressive 181.43%. This massive increase in both price and trading metrics suggests renewed confidence and interest from investors in Shiba Inu.
Coinglass derivative data has also revealed that Shiba Inu’s volume is up by a whopping 209.2%, while its open interest has climbed by 16.33%. Additionally, at the time of writing, the price of Shiba Inu is trading at $0.000018.
Featured image created with Dall.E, chart from Tradingview.com