Shiba Inu (SHIB), the second largest memecoin by market cap after Dogecoin (DOGE), is now seeing a significant rise in its price after breaking through key levels last week. Currently trading at $0.00002877, SHIB is up 14% over the past day, indicating renewed investor interest.
However, the memecoin is still down 4.3% over the past week and remains 66.6% below its all-time high of $0.00008616, recorded in 2021. Despite this mixed performance, analysts point to a potential upward trajectory for SHIB.
The next big step for the Shiba Inu
Popular cryptocurrency analyst Javon Marks offered a positive outlook on SHIB’s price movement as of late mail On X. Marks highlighted a recurring bullish pattern, indicating the potential for a significant upward move.
“The Shiba Inu has confirmed another bullish pattern,” he wrote, stressing that similar patterns in the past have led to bullish continuation.
According to Marks, SHIB’s recent breakout could push the price towards $0.000081, representing a potential 180% increase from its current value.
Marks explained that this goal is achievable and may already be underway, given the asset’s recent moves. He noted that such a rally could position SHIB as an outstanding performer in the altcoin market, attracting the attention of retail and institutional investors alike.
$SHIB (Shiba Inu) Recently, another bullish pattern and everything that has happened recently has caused it to continue, so we could see another big upward move, but with the breakouts continuing and one indicating there is $0.000081 in play, it could be greater than many think!
with… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
– Javon
Marx (@JavonTM1) December 11, 2024
Marx (@JavonTM1) 
Broader altcoin market forecast
While Marks wrote his article on SHIB, another prominent analyst known as Captain Weibeck presented it Visions In the current state of altcoins.
In a post that showed an image of a Bitcoin dominance chart forming an upward trend line that appears poised for a 48% correction, Vibeke suggested a positive outlook for the altcoin market overall.
In particular, he urged investors to be patient, seeing the recent decline as a buying opportunity and not a reason to sell out of panic. Vibec male“Altisson hasn’t arrived yet; this is just a trailer. Patience always pays off.”
Furthermore, Marks expanded his bullish outlook beyond SHIB to include Dogecoin (DOGE), another widely followed memcoin.
In a separate analysis, Marks noted that DOGE is showing strength and is likely to rise to $0.6533, possibly reaching $1.2511 if it breaks key resistance levels.
This represents an increase of 56% to 90% from current levels, highlighting the potential for further gains in the memecoin market.
Featured image created with DALL-E, chart from TradingView
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