Analyst Explains How Shiba Inu (SHIB) Can Chart New All-Time High

In the ever-evolving world of cryptocurrencies, expert analyst Javon Marks has recently turned the spotlight on Shiba Inu (SHIB), forecasting potential new all-time highs for the popular meme coin.

Per data from CoinGecko, Shiba Inu is currently 90.38% off its peak value of $0.00008616 as of October 28, 2021.

  • However, according to Marks, the meme coin shows signs of a significant upward trajectory. His forecast comes after a thorough examination of SHIB’s recent price movements and historical data, especially the patterns leading up to its past peak.
  • A critical observation Marks made is the appearance of a “triple bottom” pattern in SHIB’s latest price chart. In technical analysis, a triple bottom is a bullish chart pattern that consists of three identical lows followed by a breakthrough above the resistance level.
  • It is usually taken to signify a strong support level and a potential downward trend reversal.
  • According to Marks’ analysis, the last time the price of Shiba Inu experienced a triple bottom was between June and September 2021, when it sank to $0.00000619, $0.00000593, and $0.00000592.
  • Shortly after the third dip, Shiba Inu went on an impressive bull run from Oct. 4 to Oct. 28, recording its all-time high price.
SHIB price chart October 2021 | Source: CoinGecko
  • Marks claims a similar pattern has emerged in Shiba Inu’s price chart, although the intervals between bottoms have been more spread out this time.
  • In his estimation, it started in June 2022, when the meme coin bottomed out at $0.00000818. The second dip in this new triple bottom cycle occurred at the tail end of 2022, with SHIB tanking to the $0.00000791 level.
  • Marks has pinpointed Shiba Inu’s crash in June 2023, when it dropped as low as $0.00000543, as the third and final bottom.
SHIB price chart, June 2022–June 2023 | Source: CoinGecko
  • While this pattern suggests a strong support level and potential upside for Shiba Inu, there are fears that a fourth bottom could introduce an element of uncertainty.
  • Despite this, Marks remains optimistic about the dog-themed coin’s potential to reach new all-time highs. SHIB is trading at $0.00000825, up 2.3% in the last 24 hours.
  • It hasn’t been straightforward for SHIB, though, with the meme coin reacting lethargically to developments in the Shiba Inu ecosystem, including the successful relaunch of its Shibarium layer-2 blockchain, initially marred by technical glitches.
  • Some, like Shiba Inu marketing strategist Lucie, have blamed the coin’s lack of serious momentum on the general state of the crypto market.
  • However, as seen in the post above, Lucie shares similar sentiments with Javon Marks, predicting an upcoming bull market that they hope will greatly benefit SHIB.

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