Shiba Inu (SHIB) meme coin price action has been of interest to market enthusiasts once again. According to crypto analyst Javon Marks, SHIB may be poised for a price surge following a breakout from a Falling Wedge pattern.
Apart from this technical pattern, which is generally seen as positive, it shows SHIB’s possible upward trend with a 342% rise possible. Marks emphasized in a tweet SHIB’s breakthrough and its possibility to reach a target price of $0.000081.
SHIB Pattern Indicates Bullish Momentum
A Falling Wedge pattern is typically seen as a sign of a reversal from a downtrend to an uptrend. In Shiba Inu’s case, the recent price movement within this pattern has now led to a breakout.
$SHIB (Shiba Inu) – Are you prepared for $0.000081!?With SHIB broken out of a recent Falling Wedge pattern and a much larger (unpictured) resisting trend, an over 342% run from here to it could happen ASAP, and this falling wedge break may only help spark the process ! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N
— JAVON MARKS (@JavonTM1) October 11, 2024
Marks’s analysis suggests that this breakout could trigger a strong upward movement in the coming days. The wedge’s structure, with converging trend lines and downward price action, often signals a bullish reversal when broken to the upside.
Moreover, Marks also pointed out that SHIB has broken out of a larger resistance trend, which he believes could amplify the bullish momentum. This has led him to predict a price increase of over 342%, potentially bringing SHIB to the $0.000081 mark.
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Javon Marks’s Tweet Adds to Market Buzz
Javon Marks shared his analysis on X, stating, “$SHIB has broken out of a recent Falling Wedge pattern, and a 342% run could happen.” The tweet has sparked conversation among traders, with many speculating on the potential upward movement.
Marks also mentioned a larger resistance trend, though not shown in his tweet, that SHIB has surpassed. This breakout, combined with the Falling Wedge pattern, is driving bullish sentiment for the meme coin.
However, traders are reminded that while technical analysis can be a useful tool, market conditions can shift quickly.
Shiba Inu trades at $0.00001788, with a daily trading volume of over $626 million, according to CoinGecko. This marks a 5.75% increase in the last day, with SHIB gaining 1.45% over the past week.
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The post Shiba Inu (SHIB) Meme Coin Price Could Move 342% Soon: Here’s How appeared first on CaptainAltcoin.
