Despite mounting skepticism over Shiba Inu’s growth potential, a prominent analyst argues that SHIB could still deliver nearly 6x gains from its current price.
Like most cryptocurrencies, Shiba Inu is facing a wave of skepticism from some community members who once believed in its prospects.
This skepticism stems from the token’s performance this year, which many find disappointing.
For context, Shiba Inu has lost roughly 32% of its value year-to-date (YTD), hovering around the $0.00001 mark for most of the year.
Due to its underwhelming performance, some investors who once anticipated the token would surge past $0.00008 and reach a new all-time high this year are now skeptical about this outcome.
Analyst Maintains $0.000081 Target
Despite this growing skepticism, popular analyst Javon Marks has continued to maintain his $0.000081 target.
He has been forecasting Shiba Inu’s rise to an ambitious target since last year, despite the asset’s significant price fluctuations.
In a recent update, he emphasized that Shiba Inu’s technical structure suggests the asset may be gearing up for a surge toward the $0.000081 mark.
He indicated that the $0.000081 target represents a nearly 6x surge from current levels.
The accompanying chart shows Shiba Inu breaking out from a long-term resistance, signaling a shift from bearish to bullish momentum.
Historical patterns, as highlighted in the chart, suggest that SHIB tends to consolidate before staging strong upward rallies.
Interestingly, the chart suggests that this trend may be repeating itself, reinforcing Marks’ confidence in an upcoming rally toward the $0.000081 target.
While some doubt SHIB’s ability to rally high, Marks claims the technical structure supports the upward movement.
Shiba Inu Reclaims $0.000014 Target
In the meantime, Shiba Inu has been making some bullish moves in the past few hours.
Earlier today, it broke through the $0.000014 level for the first time since August 14.
The recent upsurge coincides with a broader market rally, which has lifted the prices of major assets, including Ethereum and Bitcoin.
Shiba Inu was not left out in the latest relief rally.
Over the past 24 hours, Shiba Inu has spiked by 6.7%.
This pushed its weekly gains to 14.17%.
However, it has only seen a modest increase of 2.21% over the past month.
Currently, SHIB is trading at $0.00001412, boasting a market capitalization of $8.32 billion.
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