Market veteran Javon Marks believes that Shiba Inu is positioned to break through the $0.000081 barrier following its recent recovery, with a potential surge towards $0.0001553. The recent rebound in Shiba Inu comes after a 14.72% drop during the market-wide correction from March 11 to 24. However, the asset has recovered 10.68% this week, signaling a strong upward momentum.
Javon Marks highlights that Shiba Inu is currently on an uptrend, showing significant strength similar to its performance from late February to early March. The price of Shiba Inu has risen above a downward resistance trend that persisted for 16 months since its all-time high of $0.00008845. This resistance was breached when Shiba Inu rallied to $0.00001590 last January, and after retesting the trendline at $0.000006 in June 2023, SHIB continued its ascent, surpassing the downtrend.
Looking ahead, Javon projects a potential 141% price push for Shiba Inu, aiming to reclaim the $0.000081 price level and ultimately recover its all-time high of $0.00008845. Beyond this, Javon anticipates further growth towards $0.0001, citing the recent 14% retracement as a catalyst for market strength.
In terms of future price targets, Javon suggests that Shiba Inu could hit $0.0001550, marking a 90% rally to establish a new all-time high. Despite optimism surrounding Shiba Inu’s potential, the asset faces several resistance levels on its path to these targets, with the final hurdle situated in the price range of $0.000056 to $0.000131, where a significant number of addresses hold SHIB tokens.
At the time of writing, Shiba Inu is trading at $0.0003105, down from its recent high of $0.00003262. The influx of investors has boosted its 24-hour trade volume by 16.28% to $1.74 billion, while Open Interest (OI) has increased by 1.56% to $108 million in the same period. With the market showing signs of resilience and potential for further growth, the future looks promising for Shiba Inu in the evolving landscape of cryptocurrencies and NFTs.
