Crypto analyst Javon Marks has provided a bullish outlook for the Shiba Inu price, predicting a potential rally of 180%. The analyst alluded to an indicator that suggests that SHIB can record this explosive rally, reclaiming the psychological $0.00002 level in the process.
Shiba Inu Price Eyes 180% Rally As MACD Forms Bullish Divergence
In an X post, Javon Marks stated that the Shiba Inu price has formed a clear Bullish Divergence with its Moving Average Convergence Divergence (MACD). He further remarked that this points to a nearly 180% upside for SHIB to rally to $0.000032. Marks added that this may only be the start of a much larger positive reversal for the meme coin.
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His accompanying chart showed that the Shiba Inu price could hit this target between now and year-end. This provides a bullish outlook for the meme coin, which has greatly underperformed this year. SHIB has recorded a 45% loss year-to-date (YTD). Meanwhile, the coin is also down over 8% in the last 30 days.
This represents a change of fortune for the meme coin, which recorded a gain of around 150% in 2024. However, based on Javon Marks’ analysis, the Shiba Inu price could still end this year in the green if it records this projected 180% rally. SHIB could also reclaim one of the top 10 spots in the ranking of cryptocurrencies by market cap.
Fundamentals like the SHIB burns and network activity could spark this momentum for the Shiba Inu price. In an X post, a SHIB community member revealed that the meme coin has just shattered another record. Over 1.5 million on-chain wallets now hold the meme coin, with the number still rising.
However, the SHIB burns will need to pick up as they remain unstable. Shibburn data shows that the daily burns have crashed by over 82%, with 1.5 million SHIB burned in the last 24 hours. The burn rate is also down around 11% in the last seven days, with 48 million SHIB burned during this period.
SHIB Can Rally As Much As 600%
Javon Marks is still confident that the Shiba Inu price can rally as much as 600% in the long term. He recently stated that the $0.000081 target for SHIB remains unchanged and that sights are still on an over 609% uphill run to reach it in response to a massive holding breakout of the displayed resisting trend.
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The analyst remarked that due to the post-breakout action, he sees this target being broken above, bringing $0.0001553 in play. Marks, however, failed to provide a specific timeline for when this 600% Shiba Inu price rally could occur.
At the time of writing, the Shiba Inu price is trading at around $0.00001181, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com