- Shiba Inu eyes a breakout with a projected 609% surge to $0.000081, analyst claims.
- Chart shows repeated rebounds from key lows, with rising trendline signaling stronger buyer support.
- Recent SHIB trading stays flat, awaiting bigger market catalysts and higher volume for direction.
Crypto analyst Javon Marks has reaffirmed his bullish price target of $0.000081 for Shiba Inu (SHIB), a move that would represent a staggering 609% gain from current prices.
In his analysis, Marks highlighted a recent breakout from a key resistance trend as the primary catalyst that could kick off the next major rally for the popular memecoin, with the next resistance marked at around $0.0001553.
What Do SHIB’s Historical Patterns Show?
Shiba Inu’s price chart, analyzed through regression channels, displays a clear pattern of declines followed by recoveries since its peak in late 2021. Initially rising about 1,200,000%, the token afterward entered a prolonged downtrend, constrained within a descending channel.
Related: SHIB Gains More Than 10% in 24 Hours as Exchange Reserve Surges to $929 Million
Within this pattern, two major dips marked key reversals. The initial low, denoted by a yellow marker, set off a recovery towards the channel’s midpoint. A second, deeper low, labeled “Accumulation” in green, led to an even stronger rebound, displaying increased buyer momentum.
Rising Trendline Signals Buyer Strength
Connecting these large bottoms is a rising trendline, showing growing buyer support after extended periods of decline. Historically, each touch of the channel’s lower boundary has sparked major rallies, displaying the consistency of this pattern.
Analysts have thus projected medium-term price targets at approximately $0.000035 and $0.000070, correlating with the midpoint and upper boundaries of the regression channels. Volume spikes at these bottoms point to increased market participation during recovery phases, further supporting possible upward moves.
Recent Trading Activity and Market Position
During the time of writing, Shiba Inu traded barely, ranging between $0.00001110 and $0.00001114, closing at $0.00001122, a decline of 1.98% over the last 24 hours.
CoinMarketCap reported a corresponding market capitalization dip to $6.61 billion, while trading volume fell by 3.65% to $108.29 million.
However, no major on-chain activities or large whale movements were reported, leaving SHIB’s market status unchanged as the 19th-largest cryptocurrency.
Related: Shiba Inu (SHIB) Price Prediction for June 26
The token continues to trade in accordance with broader mid-cap altcoin movements, awaiting stronger directional signals from higher trading volumes or market events.
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