Shiba Inu (SHIB) Dips 10%, But Analyst Javon Marks Predicts a 294% Price Increase

Shiba Inu (SHIB) has experienced significant volatility in recent weeks. While the broader cryptocurrency market has undergone a correction, SHIB has been hit

Cryptocurrency meme token Shiba Inu (SHIB) has experienced a difficult 2023, with its price dropping significantly from its highs earlier this year. However, some analysts remain optimistic about SHIB's long-term prospects.

One such analyst is Javon Marks (@JavonTM1), who believes the recent dip presents a buying opportunity for SHIB. He highlights that despite the recent decline, SHIB is still up 100% from its price point before a breakout in February.

During that period, SHIB witnessed a remarkable 370% surge within a week, reaching above $0.00004. While the meme coin failed to sustain those highs, it has managed to hold onto most of the gains achieved during the breakout.

This is in stark contrast to other meme coins, such as Dogecoin (DOGE), which experienced a massive price increase followed by a steep decline to pre-surge levels.

Marks' analysis suggests that SHIB, despite experiencing a smaller price surge compared to DOGE, is still trading at prices significantly higher than before a breakout earlier this year.

This, according to Marks, suggests an underlying uptrend, which bodes well for SHIB in the long term. Based on this analysis, Marks projects a potential 294% price increase, propelling SHIB to $0.000081.

A Lofty Shiba Inu (SHIB) Target in Sight

If SHIB manages to cross this threshold and hold above $0.000081, Marks anticipates a further potential surge to reach $0.0001553. This will place SHIB above the $0.000139 top level of a sell wall, as identified by IntoTheBlock.

As SHIB continues to experience price volatility, a sell wall at a crucial level could significantly impact the meme coin's price movement. IntoTheBlock identifies a sell wall as a group of addresses holding a substantial amount of a particular cryptocurrency.

In the case of SHIB, the sell wall is comprised of addresses holding a combined 29.6 trillion SHIB, currently valued at $538 million. This sell pressure could hinder SHIB's ability to cross the $0.0001 mark.

However, if SHIB manages to breach this resistance, it could serve as a critical catalyst for a sustained uptrend.

It is important to note that Marks has consistently maintained a bullish outlook on SHIB since March, with previous projections indicating the coin’s potential to reach $0.0001553.

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Bearish Sentiment Might Indicate Incoming Rally

On-chain analytics platform Santiment recently highlighted SHIB, noting that the meme coin’s رم幣 (RMB) trading volume has surged by an impressive 1,250% over the past 2 days. This development coincides with a broader uptick in SHIB's price.

However, Santiment also points out that SHIB's price has dropped by 10.24% within 24 hours, which could be a concern for some investors.

Despite the price decline, Santiment appears to be suggesting that this bearish sentiment could be a contrarian indicator, signaling an impending rally.

The logic behind this theory is that when investor sentiment is overly negative, it may represent a buying opportunity as the price has potentially overshot to the downside.

However, it is crucial to note that this is a speculative analysis, and on-chain metrics should be used in conjunction with other factors when making investment decisions.

The short-term outlook for Shiba Inu remains uncertain. The broader cryptocurrency market correction and the presence of a significant sell wall at a crucial level pose obstacles to immediate price growth.

However, Marks and other prominent figures remain bullish on the meme coin, highlighting its resilience in the past. This prediction, if realized, would mark a major turning point for SHIB.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-dips-analyst-javon-marks-predicts-price-increase.html

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