Shiba Inu (SHIB), the second-largest memecoin by market cap following Dogecoin (DOGE), is now experiencing a notable surge in its price after breaking through key levels in the past week. Currently trading at $0.00002877, SHIB has risen 14% over the past day, signaling renewed investor interest.
However, the memecoin remains down by 4.3% over the past week and is still 66.6% below its all-time high of $0.00008616, recorded in 2021. Despite these mixed performances, analysts suggest a potential bullish trajectory for SHIB.
Shiba Inu’s Next Big Move
Renowned crypto analyst Javon Marks has provided a positive outlook on SHIB’s price action in a recent post on X. Marks highlighted a recurring bullish pattern, indicating the possibility of a significant upward move.
“Shiba Inu has confirmed yet another bullish pattern,” he wrote, emphasizing that similar patterns in the past have led to upward continuations.
According to Marks, SHIB’s recent breakout could drive the price towards $0.000081, representing a potential 180% increase from its current value.
Marks elaborated that this target is achievable and may already be in progress, given the asset’s recent movements. Such a rally, he noted, could position SHIB as a standout performer in the altcoin market, drawing attention from retail and institutional investors alike.
$SHIB (Shiba Inu) has confirmed recently, yet another Bullish Pattern and all of its recent has led into continuations, so we can be in for yet another major upside move, but with breakouts holding and one implying $0.000081 to be in play, it can be greater than many think!
With… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
— JAVON⚡️MARKS (@JavonTM1) December 11, 2024
Broader Altcoin Market Outlook
While Marks penned his piece on SHIB, another prominent analyst known as Captain Faibik offered insights into the current state of altcoins.
In a post that featured the chart image of BTC dominance forming an ascending trendline that seems poised for a 48% correction, Faibik suggested a positive outlook for the overall altcoin market.
Particularly, he urged investors to remain patient, viewing the recent dip as a buying opportunity rather than a reason for panic selling. Faibik stated, “Altseason hasn’t arrived yet; this is just the trailer. Patience always pays off.”
Furthermore, Marks extended his bullish outlook beyond SHIB to include Dogecoin (DOGE), another widely-followed memecoin.
In a separate analysis, Marks noted that DOGE is exhibiting strength and could potentially rally to $0.6533, possibly reaching as high as $1.2511 if it breaks key resistance levels.
This would represent a 56% to 90% increase from its current levels, highlighting the potential for further gains in the memecoin market.
Featured image created with DALL-E, Chart from TradingView