Shiba Inu Price Rising Again As Analysts Anticipate It Could Erase Another Zero

Starting off the year strong, Shiba Inu’s (SHIB) price has climbed almost 2% following a bearish run, as analysts believe more is coming.

Amid market turbulence, the token’s resilience has piqued investor and analyst interest, with many speculating on a massive breakout gearing up.

SHIB traded $0.00002136, with a circulating market cap of $12.58 billion and a 24-hour trading volume of $545.51 million. This uptick in trading activity means there is renewed interest in meme coin.

The token’s ability to remain stable above significant support levels is a testament to its strong community support in this recovery.

Now, analysts are looking at SHIB’s technical indicators and the price action signals that Shiba Inu may be heading to extended bullish momentum.

Analyst Javon Marks Envisions a Breakout

The most notable analysis comes from well-known cryptocurrency analyst Javon Marks.

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Marks has identified a pattern for SHIB breakout, with his analysis pointing to the token being well poised to surpass $0.0001553, an ambitious target that would represent more than 261% upside from current levels.

SHIB’s ability to hold these recent gains also marks this, as per the analysis. Analyst Javon Marks believes $SHIB (Shiba Inu) will give us one special treat, as the price holds key post-breakout gains that may go much further.

However, Marks said he counts the token’s slower price action as a positive sign, with continued consolidation possibly acting as a springboard for its next bull run.

According to Marks, that is the next critical resistance level, pegged at $0.000081. If this threshold is broken, Shiba Inu coin could eye $0.0001553.

Such a move would be a watershed moment for the token, wiping out another zero and potentially luring a new wave of investors.

Shiba Inu Coin’s Technical Outlook

Taking a look at Shiba Inu’s charts further will provide us with an understanding as to why there is some bullish sentiment.

Recently, we see that the token is on the verge of breaking out of a prominent bearish channel as per 1-hour charts, which could form a reversal in market sentiment.

What could make this breakout all that more interesting, however, is the concurrent formation of a hidden bullish divergence, as stated by analyst Javon Marks. This is a formation that typically precedes a bullish trend.

SHIB’s price has stayed in a consolidative range, so it is building steam for its next move. Now, investors have started accumulating, as the Money Flow Index (MFI) suggests.

This is a vital indicator that shows buying and selling pressure has moved in bullish trends. It seems this uptick in buying SHIB interest falls in line with the sentiment of the broader market, which is turning positive for SHIB.

Consistently higher volumes have also supported the demo’s continued rally. If the upward momentum does not drop, then soon, SHIB will test the key resistance levels indicated by analysts to break out.