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.
— JAVON⚡️MARKS (@JavonTM1) August 29, 2023
- 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.
- 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.
- 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.
Why No Moon? Why $SHIB down?
Eh… $SHIB‘s unstoppable spirit is real, but it rides the market’s waves too. It’s everywhere!
Okay, a little bumpy now, but what about the Bullmarket?
Remember, thinking long term matters. Short-term victories fade fast. BE POSITIVE… pic.twitter.com/ZQQGKxIhrk
— | Summer of Shibarium (@LucieSHIB) August 28, 2023
- 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.