After a particularly challenging year, the Shiba Inu price is one of those that looks primed for its next upward wave. It has already held quite well during the recent market downtrend and continues to flash bullish signals during this time. To buttress the bullishness of the SHIB price, crypto analyst Javon Marks has highlighted the confirmation of a bullish pattern. In the event that such a pattern holds and plays out, it could mean new all-time highs for the Shiba Inu price.
The Bullish Divergence That Could Send Shiba Inu Price To ATHs
In his analysis, Marks pointed out the bullish pattern that has now set the Shiba Inu price on a path to possible new all-time highs. A regular bull divergence had appeared on the MACD histogram, suggesting that the Shiba Inu price may be primed for another reversal.
If this reversal does play out, then the first thing for the Shiba Inu price is for it to double. This would quickly put it above $0.00002, which would turn this resistance level into support. In total, the crypto analyst expects the first leg of the recovery to actually reach a 163% gain. This would inevitably help it break the resistance at $0.00003, leading into the next leg of the move.
After this move is completed, the analyst expects the Shiba Inu price to keep rising after breaking out of an older structure. Besides the initial 163% run, the Shiba Inu price would still more than double by this point, making it only a part of the total move.
A 570% move is expected with a continuation of the bullish momentum, and this would put the price above $0.000081. This target is what pushes the Shiba Inu price toward the new all-time highs and is essential for the total bullish move.
Beyond this, though, there is the possibility that the bullish move would actually continue. Going by the analyst’s chart, there could be an almost 100% increase from its previous all-time high for the meme coin to actually eliminate another zero. This target is placed at the $0.0000155 level, something unprecedented in the Shiba Inu history.
For now, the Shiba Inu price is still trending around $0.0000125 after the downturn from the weekend. Coinmarketcap data shows that the meme coin is still maintaining a daily trading volume above $200 million as the market fluctuates.
Featured image from Dall.E, chart from TradingView.com
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