- SHIB targets $0.000081 after a breakout from long-term resistance, signaling a potential 609% surge amid strengthening momentum.
- The price structure reflects a full market cycle with signs of hidden bullish divergence suggesting a reversal could be underway.
- Consolidation near historical support and reduced volume hint at renewed accumulation as bullish continuation patterns form.
Shiba Inu (SHIB) is showing signs of a turnaround after a prolonged bearish phase. JavonMarks, a market analyst, maintains a price target of $0.000081. This projection reflects a potential upside of over 609% from current levels. Recent breakout action has supported bullish momentum. Consequently, a secondary target of $0.0001553 could emerge if the trend sustains. Technical indicators suggest the price may be preparing for another major rally after a long correction phase.
Breakout Confirms Trend Reversal
The chart reveals a powerful breakout from a long-term descending resistance trendline. SHIB surged from lower price levels, reaching a peak around $0.00079. However, it encountered selling pressure at that level. Despite the rejection, trading volume surged, confirming aggressive buyer interest. Besides, momentum indicators began flashing early bullish signals. This breakout formed the foundation for the ongoing bullish outlook.
Source: Javon Marks
The market then entered a drawn-out correction, forming consistent lower highs and lower lows. Each rebound grew weaker, indicating growing bearish control. However, this phase appears to be completing, as SHIB now stabilizes around historic support near $0.0001.
Structure Resembles a Full Market Cycle
Looking at the broader timeline, the price action maps a complete market cycle. SHIB moved through accumulation, markup, distribution, and markdown. Early 2022 saw a major top formation at $0.00079, followed by a lengthy decline. Notably, “Hidden Bullish Divergence” signals have appeared in recent sessions. These suggest that underlying momentum is strengthening despite muted price action.
Moreover, annotated reversal points mark moments of sentiment shifts. These coincide with critical support and resistance zones. Hence, the $0.00079 resistance remains a crucial barrier. On the other hand, support around $0.0001 may attract renewed accumulation.
Outlook Favors Bullish Continuation
Currently, SHIB appears to be consolidating at lower levels. Trading volume has decreased, indicating low volatility and indecision. However, this calm may be temporary. Additionally, historical behavior shows similar setups before large upward movements. Long-term investors may find this structure appealing for potential entry.
