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Shiba Inu (CRYPTO: SHIB) is seeing fundamental developments that might lead to a potential price breakout.
What Happened: Crypto trader Javon Marks foresees Shiba Inu reaching and surpassing its all-time high of $0.000088598, which would imply a price appreciation of over 282% from current levels. He suggests that the meme coin is currently in an "intermission" phase before continuing its upward trajectory.
Marks draw sparallels to Shiba Inu’s previous breakout and run to its ATH, noting that the current price action appears to be setting up a massive bull flag pattern. This pattern, coupled with the confirmation of multiple hidden bullish divergences, indicates underlying strength in the existing uptrend.
"With this uptrend being such a significant one, with Shiba Inu making an over +810% move since mid-2023, another near 4X that these breakout(s), indications, and patterns can be calling for may just be more than feasible in these prices and could come in quickly!" Marks enthuses.
Lithuania-based CoinGate, a Bitcoin and crypto payment gateway and processor, announced over the weekend that it added Shiba Inu support for Polygon and Binance Smart Chain. According to the tweet, SHIB can be used to book Airbnbs, grab the latest games from Steam & PS5 and purchase from Nike & Zalando.
Price Action: In the past 24 hours, SHIB is trading 3.3% higher at $0.00002328. Since June 2023, Shiba Inu has managed to erase one zero from its price.
Why It Matters: The Data Nerd revealed a whale depositing 100 billion SHIB, worth $24 million, to Coinbase. The whale accumulated these tokens within a week at an average entry of $0.00002408.
IntoTheBlock data indicates a 4.7% spike in daily active addresses to 4.410, while 61% of SHIB holders are in profit at current price levels.
Javon Marks’ analysis suggests that Shiba Inu’s price could be on the verge of reaching unprecedented levels, potentially leading to a swift and substantial increase in value. The presence of hidden bullish divergences, which occur when the price makes a higher low while the oscillator makes a lower low, further reinforces the notion of underlying strength in the uptrend.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: What Does Technical Analysis Say About Dogecoin And Shiba Inu?
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: $SHIB
