Crypto analyst Javon Marks has asserted that Shiba Inu’s quest to price close to its ATH remains on course despite the recent market downturn.
The broader crypto market saw a sideways start to the week after substantial bullishness in the previous week. For context, Bitcoin led a broader market recovery after surging over 8% last week. Shiba Inu caught the bullish momentum, appreciating 7.3% in the same timeframe.
However, the market has slumped this week, with Shiba Inu relinquishing most of its gains from the previous week. Amidst the recent price correction, analyst Javon Marks has insisted that the second-largest meme coin by market cap is still set for a 348% surge to $0.000081.
Analyst Says Price Uptick Still in Play
In an October 22 tweet, Marks asserted that Shiba Inu would still meet his price target near its all-time high following a structural breakout. For context, the market analyst noted earlier that SHIB has formed a hidden bullish divergence on the 6-day timeframe, signaling an impending price uptick.
Marks noted that multiple bullish patterns confirmed the breakout from the divergence structure, which he sees propelling Shiba Inu to $0.000081. Notably, SHIB will have to surge over 348% from its current price of $0.0000178 to meet the analyst’s price expectation.
Meanwhile, Javon Marks noted that although Shiba Inu has progressed slightly following the breakout, he expects the token to appreciate considerably from here on. The analyst also argued that SHIB’s sustained trend above the hidden bullish divergence breakout further confirms the impending bullish surge to a multi-year high.
Furthermore, Javon Marks termed Shiba Inu’s current consolidation “the early stages of a massive continuation.”
Shiba Inu Facing Major Resistance
Notably, Shiba Inu stalled close to the $0.00002 resistance on Monday, correcting over 8% since. The massive demand zone has been a significant impediment to Shiba Inu’s sustained uptrend, with multiple analysts stressing the market implication.
For instance, analyst SwallowPremium predicted that Shiba Inu would move southward from the resistance zone, targeting a 26.5% downtrend to $0.00001407. His analysis also emphasized the importance of the $0.00002 resistance, noting that it would determine SHIB’s next course of action.
However, Jack predicted a positive outlook for SHIB, arguing that the meme coin will surge past the resistance. The market commentator asserted a 51% surge to $0.000027 after defying the impediment.