Shiba Inu Price Set for 450% Surge as Bulls Charge

Shiba Inu Price Eyes 450% Surge as It Holds Above Critical Level

Shiba Inu (SHIB), the popular meme coin, is poised for a significant price surge in the near term, according to market analysts. The cryptocurrency has been holding above its long-term breakout level, which is expected to trigger another growth spurt despite recent price declines.

Pseudonymous analyst Javon Marks has identified a long-term trend for SHIB that suggests a massive price rally is on the horizon. According to his analysis, SHIB is currently trading above its breakout level from late 2022, indicating a strong bullish momentum. Marks has set a key price target for SHIB at the $0.000081 mark, which represents a 450% jump from its current level of $0.00001436.

Marks believes that SHIB's ability to maintain its breakout level is a positive sign for the cryptocurrency's future prospects. He points to the onchain data and long-term charts, which show "textbook bull signals" that support the projected price point. The slow pace of the run from late 2022 also serves as confirmation for an eventual bullish run, according to Marks.

Currently, Shiba Inu price hovers at $0.00001446, rising by 1% over the past 24 hours. While its 7-day chart indicates a slight dip, the top memecoin continues to trade sideways as it eyes a breakout. The market cap of Shiba Inu stands at $8.5 billion, with daily trading volumes of $273 million.

In the short term, traders are closely watching for a potential death cross, which could trigger a slump in the cryptocurrency's price. However, optimistic traders believe that the death cross may instead trigger a 20% rally for Shiba Inu price, citing similar patterns observed in 2023.