The Shiba Inu (SHIB) community is bracing for a potential surge as the digital asset shows signs of bullish momentum following a significant price breakout.
In a recent post, analyst Javon Marks pointed to a breakout from a “smaller” Bull Flag pattern, suggesting that SHIB may be poised for another substantial upward move.
Marks, who boasts a substantial following of over 38,000 people on X, emphasized that SHIB’s recent breakout could ignite another major wave in its ongoing bullish run.
“SHIB (Shiba Inu) now holds broken out of a “smaller” Bull Flag like pattern and this breakout may be enough to spark another major wave up in an already massive uphill run!” Wrote Marks.
The pundit highlighted a target of $0.000081, projecting a potential 220% increase from current levels. Moreover, Marks suggested that if SHIB surpasses this level, it could trigger a further uptrend, potentially reaching $0.0001553.
Elsewhere, analyst Bitluze indicated a potential 200% surge to a target of $0.000055 based on a breakout of the bullish flag pattern.
The analysts’ optimistic outlook aligns with observations made by popular crypto analyst Ali Martinez. Just recently, Martinez pointed out the potential formation of a bullish flag pattern for Shiba Inu on the daily chart. Martinez revealed plans to set buy orders around $0.000018343, with targets set for a bullish breakout aiming for $0.000072323 for SHIB.
That said, beyond price analysis, discussions surrounding the potential for a Shiba Inu exchange-traded fund (ETF) have also gained traction within the community. Following the Securities and Exchange Commission’s (SEC) approval of multiple spot-based Ethereum ETFs, speculation about the possibility of a SHIB ETF has arisen. On Friday, Shytoshi Kusama, the anonymous lead developer of the Shiba Inu ecosystem, hinted at this possibility, sparking further debate among crypto enthusiasts.
“Congrats to our frens at Ethereum on the ETF APPROVAL! Does this pave the way for SHIB? I’ll let you decide… I’ll stay focused on what we have coming. STAYTUNED,” tweeted Kusama.
Meanwhile, amid these discussions, the Shiba Inu ecosystem is also gearing up for the 2024 Blockchain Futuristic Conference in Toronto, where it will showcase its innovative projects, including Shibacals and Shibverse. Additionally, as per the latest edition of the “SHIB magazine,” Shiba Inu’s liquid staking derivative partner, K9 Finance DAO, aims to attract more developers to Shibarium through an upcoming hackathon at the conference.
SHIB was trading at $0.00002464 at press time, reflecting a 1.91% gain over the past 24 hours.
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