After continuing to perform well, Shiba Inu is currently on the path to consolidation. Rise at the beginning of the month. Specifically, SHIB is currently down 13% over the past 7 days, but is still up 210% over the broader 30-day period. According to cryptocurrency analyst Javon Marks, after the current consolidation, Shiba Inu is headed for another big breakout. Analysts expect Memecoin to soar to $0.000081 and then rise another 90% to a new all-time high.
Shiba Inu's upward trend continues
Shiba Inu saw Significant profits have been made recently., rose 280% from $0.00001178 at the end of February to $0.00004456 on March 5th. This surge surprised many traders as Dogmeme Coin outperformed most cryptocurrencies amid a widespread bull market. This price hike is with increase In trading volume.opening height data It has been revealed that Shiba Inu has recorded the largest volume of meme coins at $31 billion in just one week.
However, according to social media posts, analyst Javon Marks was predicting a rise in the stock price with a price target of $0.000081 as far back as October 2023. In a recent forecast update, Jabon said the price is set for further growth and the breakout target of $0.000081 remains valid.
With more original analysis attached, $SHIB Although they are showing great strength, up about +531%, these prices can be set for further growth.
With the breakout target still at $0.000081, Shiba Inu price could move another +147%.
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ā JAVONā”ļøMarks (@JavonTM1) March 13, 2024
Interestingly, SHIB has achieved an increase of approximately 531% since Javon's prediction in October. Moreover, according to his analysis, a break-and-hold above $0.000081 could set the stage for another 90% rally to $0.0001553, the memecoinās all-time high.
Current status of Shiba Inu
The Shiba Inu reached $0.00004456 before reversing and has traded primarily between $0.0000365 and $0.0000295 over the past week. On-chain data shows a sharp increase in trading volume during this period. especially, Into the Blocks The Large Trader Flow Index, which measures trades over $100,000, surged to $578.11 million (SHIB 17.62 trillion) on March 11. In the past 24 hours, there was a massive transaction of SHIB 9.94 trillion ($300.55 million).
This rapid increase in trading volume is due to increased accumulation From major traders, means to sell off, as the recent price decline shows.But cryptocurrencies look like they're ready for resume rising priceson-chain signals from ITB indicate bullish sentiment.
Laura, a SHIB enthusiast, Published in X, an important factor that could contribute to the growth of meme coins in the near future.These factors contribute to SHIB's decentralization, global accessibility, and Approved, its strong community, and efficient deflationary combustion mechanism.In particular, over 25.6 million SHIB tokens It's burnt Within the last 24 hours.
SHIB price retraces to $0.0000288 | Source: SHIBUSDT on Tradingview.com
Featured image from Economic Times, chart from Tradingview.com
