Shiba Inu (SHIB), the second-largest meme coin by market capitalization after Dogecoin (DOGE), is currently experiencing a notable spike in price after breaking through important levels over the past week. Currently trading at $0.00002877, SHIB is up 14% over the past day, indicating renewed investor interest.
However, Memecoin remains down 4.3% over the past week and remains 66.6% below its all-time high of $0.00008616 set in 2021. Despite this mixed performance, analysts are hinting at a potentially bullish trajectory for SHIB.
Shiba Inu's next big move
Renowned crypto analyst Javon Marks gave a positive outlook on SHIB’s price trend in a recent post on X. Marks highlighted a recurring bullish pattern, pointing to the potential for a significant upside.
“Shiba Inu has confirmed yet another bullish pattern,” he wrote, emphasizing that similar patterns have led to continued gains in the past.
According to Marks, SHIB’s recent breakout could drive the price towards $0.000081, which means it could rise 180% from its current value.
Mr. Marks elaborated that given recent movements in assets, this goal is achievable and may have already been achieved. He noted that such an increase could establish SHIB as a standout performer in the altcoin market and attract attention from both retail and institutional investors alike.
$SHIB (Shiba Inu) recently confirmed yet another bullish pattern and all of its recent has led to a continuation, so it could see another big up move, but the breakout holds and $0.000081 It's more awesome than many people think it can happen because it suggests that it will be played!
And… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
— JAVONMARKS (@JavonTM1) December 11, 2024
Broad outlook for the altcoin market
While Marks was writing an article on SHIB, another prominent analyst known as Captain Fibig provided insight into the current state of altcoins.
In a post featuring a BTC-dominated chart image forming an uptrend line that appears to be poised for a 48% correction, Fibig hinted at a positive outlook for the altcoin market as a whole.
In particular, he urged investors to remain patient, viewing the recent decline as a buying opportunity rather than a reason for panic selling. “Alt season isn't here yet. This is just a trailer. Patience always pays off,” said Fibig.
Beyond SHIB, Marks also extended his bullish outlook to Dogecoin (DOGE), another widely popular meme coin.
In a separate analysis, Marks said DOGE is showing strength and could rally to $0.6533, with the potential for a rally to $1.2511 if it breaks through key resistance.
This represents an increase of 56% to 90% from current levels and highlights the potential for further upside in the memecoin market.
Featured images created with DALL-E, TradingView charts
