Despite recent market turbulence and significant price declines, popular memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) could be on the verge of a major comeback, according to well-known analyst Javon Marks.
Marks, who shares his insights on Elon Musk’s social media platform X, has highlighted several technical signals that suggest a bullish continuation for both SHIB and DOGE. For Shiba Inu, he notes that the memecoin has already broken out of a larger resistance trend, setting a potential target of $0.000081. Furthermore, recent price dips have been met with substantial buyer activity, indicating strong support and potential for a sentiment shift back towards a bullish stance.
If these conditions persist, Marks believes SHIB could eventually reach a higher target of $0.0001553, representing a significant gain from its current price. In the case of Dogecoin, the analyst points out that DOGE has shown a strong breakout response, with recent price action suggesting a potential climb to $0.6533. Should DOGE surpass this level, Marks suggests a higher target of $1.25111 could come into play.
While the broader crypto market remains in a downturn, these predictions offer a glimmer of hope for SHIB and DOGE holders. As always, it’s crucial for investors to exercise caution and conduct thorough research before making any investment decisions. The memecoin market is notoriously volatile, and while technical analysis can provide valuable insights, it’s just one piece of the puzzle.
Tags: Shiba Inu, Dogecoin, memecoins, crypto market, price predictions
Source: https://www.newsbtc.com/meme-coins/shiba-inu-and-dogecoin-could-be-poised-for-a-major-comeback-heres-why/