Market Veteran Projects Shiba Inu Rally to $0.0001553 as SHIB Gains 9% in a Day
The post Market Veteran Projects Shiba Inu Rally to $0.0001553 as SHIB Gains 9% in a Day appeared on BitcoinEthereumNews.com.
Market analyst Javon Marks expects Shiba Inu to leverage the latest price upswing for a rally toward the $0.00015 price territory. Marks made this forecast in his latest SHIB analysis, calling the public’s attention to a bull flag pattern formed by the dog-themed asset in the six-day timeframe. Bull flags typically occur as continuation patterns, showing a consolidation before a resumption of the previous uptrend. Shiba Inu Forms Bull Flag For context, Shiba Inu recorded its previous uptrend from Feb. 25 to March 5, when it surged by over 370% to the yearly high of $0.00004567. SHIB faced resistance at the $0.000045 territory, but this was expected, as IntoTheBlock data confirms a supply wall at this level, where 57,740 addresses hold 9.56 trillion tokens. Shiba Inu GIOM | IntoTheBlock The ensuing correction led to Shiba Inu giving up some of the previous gains of this initial upsurge. The broader market turbulence further exacerbated this bearish situation. Marks’ chart shows that this downtrend, which has prevailed since March 6, resulted in the formation of a bull flag. $SHIB (Shiba Inu) now holds broken out of a “smaller” Bull Flag like pattern and this breakout may be enough to spark another major wave up in an already massive uphill run! With a larger breakout also holding, this smaller break can initiate a continuation in an over 210% run… https://t.co/aeZ24NLMgj pic.twitter.com/j2AfojQMsA — JAVON⚡️MARKS (@JavonTM1) May 20, 2024 An Impressive Breakout However, the crypto market recorded a resurgence this week, championed by Bitcoin’s rally above $71,000 for the first time in over a month. SHIB has capitalized on this broader market rebound to record an impressive price spike, reclaiming the $0.000026 threshold yesterday for the first time in two weeks. Despite the resistance encountered at this level, SHIB closed yesterday with a 9% increase.…
Filed under: News - @ May 21, 2024 9:28 am