The larger crypto ecosystem is witnessing a general bearish performance in top-ranked assets. Bitcoin and Ethereum in the past 24 hours recorded modest declines of 0.77% and 2.97% respectively. Shiba Inu (SHIB) on the other hand suffered a significant price drop, plummeting by 9.88% during the same period.
Analyst’s Assessment of Market Impact on Shiba Inu
Despite this significant impact on the dog-themed coin by the ongoing market retracement, prominent analyst Javon Marks remains optimistic about Shiba Inu. He even predicted it could surge to the $0.000081 – $0.00015 range in the near term.
As per his analysis, the ongoing bearish trend which has resulted in a 19% drop over the past week, could lead to a substantial price rebound. He noted that Shiba Inu continues to trade above the levels seen before its breakout in February, suggesting the potential for an upward trajectory.
Remarkably, in a single week from late February to early March, Shiba Inu experienced a dramatic 370% increase, peaking at $0.000045. Thereafter, the memecoin suffered a decline. However, the current price of Shiba Inu at $0.00001830, is still higher than before its breakout price in February, fuelling optimism amongst market watchers who see this as a prime buying opportunity.
Marks also shared this positive outlook predicting a 294% upswing that could push Shiba Inu to the $0.000081 level. According to his analysis, the current market pullback, which has dipped below $0.00002 is a potential catalyst for future gains. He projects that SHIB will breach the $0.000081 mark and possibly peak near the $0.0001 territory, potentially setting a new all-time high.
SHIB’s Resistance Levels and Potential Breakthrough
To achieve this, Shiba Inu needs to overcome its resistance level. The memecoin faces significant resistance just below the $0.0001 level, with a major sell wall between $0.000056 and $0.000139.
As per the data, the resistance point involves 91,760 addresses holding 29.6 trillion SHIB, worth approximately $538 million at an average price of $0.000066.
However, Marks maintains that if SHIB breaks the resistance, the price could rise to $0.0001553. This has been his bullish stance since March.
$SHIB (Shiba Inu) has returned with signs of major strength here and can be ready for another massive leg up towards the $0.000081 target!
With prices remaining broken out of the displayed resisting trend and showing substantial progress since, another +141% upside to reach this… https://t.co/ndjcoduVZ9 pic.twitter.com/IYBxliQMnf
— JAVON⚡️MARKS (@JavonTM1) March 28, 2024
Currently, Shiba Inu is trading at $0.0000183, up 4.51% per data from CoinMarketCap.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.