Shiba Inu (SHIB), the second largest memecoin by market capitalization after Dogecoin (DOGE), is now experiencing a notable price increase after breaking major levels over the past week. SHIB is currently trading at $0.00002877 and is up 14% in the past day, signaling renewed investor interest.
However, the memecoin continues to depreciate 4.3% over the past week and is still 66.6% below its all-time high of $0.00008616 recorded in 2021. Despite this mixed performance, analysts suggest a potentially bullish trajectory for SHIB.
Shiba Inu’s next big step
Renowned crypto analyst Javon Marks recently provided a positive outlook on SHIB’s price action after on X. Marks highlighted a recurring bullish pattern, indicating the possibility of significant upward movement.
“Shiba Inu has reaffirmed a bullish pattern,” he wrote, highlighting that similar patterns have led to upward continuations in the past.
According to Marks, SHIB’s recent breakout could push the price to $0.000081, representing a potential 180% upside from its current value.
Marks explained that this goal is achievable and may already be underway given the asset’s recent movements. Such a rally, he noted, could position SHIB as a standout player in the altcoin market, attracting the attention of both retail and institutional investors.
$SHIB (Shiba Inu) has recently confirmed that yet another Bullish Pattern and all its recent developments have led to continuations, so we could be looking at another big upward move, but with breakouts holding and one implying $0.000081 in the game is, it may be bigger than many think!
Of… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
— JAVON
BRANDS (@JavonTM1) December 11, 2024
Broader Altcoin Market Outlook
While Marks was writing his piece on SHIB, another prominent analyst, Captain Faibik, volunteered insights to the current state of altcoins.
In a post showing the chart image of BTC’s dominance forming an ascending trendline that looks poised for a 48% correction, Faibik suggested a positive outlook for the overall altcoin market.
In particular, he urged investors to remain patient and view the recent dip as a buying opportunity and not as a reason for panic selling. Faibik declared“The Alt season has not yet arrived; this is just the trailer. Patience always pays off.”
Additionally, Marks extended its bullish outlook beyond SHIB to include Dogecoin (DOGE), another widely followed memecoin.
In a separate analysis, Marks noted that DOGE is showing strength and could potentially rise to $0.6533, possibly as high as $1.2511 if it breaks the key resistance levels.
This would represent a 56% to 90% increase from current levels, highlighting the potential for further gains in the memecoin market.
Featured image created with DALL-E, Chart from TradingView