Shiba Inu (SHIB) ended 2024 on a strong note, consolidating above a key breakout level and fueling optimism for a significant rally in the coming months.
According to analyst Javon Marks, SHIB is showing “textbook bullish signals” on shorter time frames, suggesting that bullish momentum is imminent. Notably, Shiba Inu is trading at $0.00002108, up 2% from the last day.
Shiba Inu shows “textbook bull signals”
In his analysis, Marks noted that SHIB recently broke out of a long-term resistance trend line. Notably, this breakout resulted in Shiba Inu reclaiming a seven-month high of $0.00003329 in the first week of December.
However, this historic rally was followed by a correction phase. Shiba Inu lost most of its gains and fell back to the levels it was trading at before its breakout. Specifically, SHIB hit the low again at $0.0000186 a few weeks after reaching the seven-month high.
Analyst Marks confirmed that Shiba Inu retested the breakout level as support during the pullback. Meanwhile, Shiba Inu recovered significantly and traded in the $0.000021 range. Given that Shiba Inu closed 2024 above $0.00002, Marks described the move as a “textbook bullish signal.”
Accordingly, he expressed confidence that SHIB is poised for a continuation of its uptrend after successfully retesting the breakout level.
Potential Shiba Inu Targets
Javon Marks has set a price target of $0.000081, representing a potential gain of 264% from current levels. Notably, this was the price range where Shiba Inu bulls lost momentum in the last cycle.
Marks has repeatedly highlighted the $0.00008 price point for SHIB for most of 2024 and remains confident that Shiba Inu…
