Javon Marks, one of the well-known analysts in the cryptocurrency industry, revealed that the leading meme coin Shiba Inu (SHIB) is currently in a position that could potentially reach an all-time high. Based on the historical price movements, the analyst emphasized that the time for a record-breaking price for SHIB has come, signaling an important opportunity for investors.
SHIB Price Analysis
At present, SHIB is approximately 90% below its all-time high. Having reached a record high of $0.00008845 in October 2021, SHIB later fell victim to a sharp decline. Analyst Marks stated that the SHIB price is poised for a potential rise towards new records.
Marks particularly highlighted that this conclusion was reached after examining Shiba Inu’s price movements. He also reminded that the previous record was achieved in a similar manner.
Price Prediction from the Analyst
So, what is the main factor behind the analyst’s beliefs? The triple bottom formation in Shiba Inu’s chart seems to be the primary reason. This formation indicates that the price has fallen to a certain point three times, signifying a strong and definite support level. When a triple bottom occurs, it is known that the price cannot go lower or at least will face significant resistance. Additionally, a similar scenario took place in June 2021, and SHIB broke its all-time high following that event.
Javon Marks also pointed out that a triple bottom occurred in similar regions in June 2022. The first bottom was at $0.00000818, the second bottom at $0.00000791, and the third bottom took place in June 2023 at $0.00000543. All of these indicate to the analyst that the formation has been completed, and a price surge is imminent.
During the recent rally, SHIB remained relatively quiet and only accompanied Bitcoin‘s occasional surges of up to 9% with a mere 1.4% increase. According to the renowned analyst, this relatively silent stance of SHIB could be the calm before the storm.
