Popular dog-themed meme coin Shiba Inu is currently riding the bullish wave, attracting notable gains following the renewed momentum of the general crypto market. This recent uptrend of Shiba Inu has fueled robust optimism within the community about its potential for a significant rally in the upcoming weeks.
A Bull Run Likely For Shiba Inu Shortly?
After investigating Shiba Inu's current price action, market expert and investor Javon Marks has highlighted that SHIB is gearing up for a notable price surge in the upcoming days as major upside strength signals have emerged for the same coin.
Javon Marks anticipates a rally for SHIB due to strong technical and chart indicators, which could act as catalysts for more upward growth. His prediction is part of a broader trend about Shiba Inu rising closer to its current all-time high of $0.000086 this market cycle.
Following several days of creating a bull pattern expected to fuel the meme coin's price, the market expert claims that SHIB has officially confirmed the bull pattern. With prices now displaying robust indications of major strengthhe stated that SHIB is presently joining the bull show even more.
Considering the emerging major signals, Javon Marks is confident about SHIB's path to the $0.000081 level. As a result, Shiba Inu's price may need to increase by an additional 2.79X or 179% from its current value to hit the $0.000081 mark.
Optimism toward SHIB is gradually rising again in the crypto sector. Seasoned crypto analyst and trader, Ali Martinez, has also predicted a rally for the meme coin, fueling interest in Shiba Inu among retail and institutional investors.
Martinez has underlined a short-term upswing for SHIB to the $0.000037 price level after citing a bull flag formation on the 1-hour time frame. Even though a break out from the bull flag pattern could spark a move to the aforementioned level, Martinez noted that the same corner must break past the $0.000025 resistance range.
SHIB Demonstrating Similar Price Performance With Dogecoin
It is worth noting the expert has also pointed out similarities between Shiba Inu's price performance and that of Dogecoin, the largest meme coin. His charts show aligning trends with historic patterns observed during Dogecoin's rallies.
In the event that his observations are valid, Martinez believes that the next potential target to watch out for is $0.00049, suggesting a new all-time for SHIB in the ongoing market cycle.
At the time of writing, Shiba Inu has fallen to $0.00002844 after a sharp move to $0.000033 on Sunday. This sudden drop indicates a nearly 5% decline in the past day despite rising investors' optimism.
Although SHIB is down by 5% today, the meme coin has risen by over 7% and 61% in the weekly and monthly time frames, respectively. The current declining prices have not hindered SHIB's trading activity as its trading volume has surged by about 37% in the past day.
Featured image from iStock, chart from Tradingview.com
