Recent market turbulence has impacted Shiba Inu (SHIB) and Dogecoin (DOGE), with both memecoins experiencing significant price declines over the past few days.
This setback comes amid a broader downturn in the crypto market, yet some analysts remain optimistic about the potential trajectories for these popular memecoins.
Javon Marks, a well-known analyst on Elon Musk’s social media platform X, has shared his perspective on both SHIB and DOGE, offering insight into where these memecoins might be headed next.
In his analysis of Shiba Inu, Marks highlighted several technical signals that could indicate a bullish continuation. He noted that SHIB has already broken out of a larger resistance trend, setting a potential target at $0.000081.
Marks emphasized that recent price dips have been met with substantial buyer activity, creating a strong rejection of selling pressure. This, he suggested, could indicate that the market has enough support to shift sentiment back toward a bullish stance.
Near 10X to $0.0001553 for $SHIB ?:
SHIB (Shiba Inu) has already confirmed Bull Signals that suggest a continuation while also being broken out of a much larger resisting trend that implies $0.000081 to be in play as the target
On top of that, buyers in the recent dip showed https://t.co/DVZmRNVaQZ pic.twitter.com/CwGHrUdLwr
JAVON??MARKS (@JavonTM1) February 4, 2025
According to Marks, these conditions could pave the way for SHIB to eventually reach a higher target of $0.0001553, a level that would represent a significant gain from its current price. In his words:
With Shiba’s recent sideways action and dip while holding broken out, this can actually be a positive and contribute to the longevity and scale of this run, making it much more likely for a break above the $0.000081 target to take place which would then welcome $0.0001553 into play! $0.0001553 is currently over 840% way
Turning his attention to Dogecoin, Marks outlined a similarly optimistic scenario. He pointed out that DOGE has shown a strong breakout response, with recent price action suggesting a potential climb to $0.6533.
Marks also indicated that if DOGE were to surpass this level, it could set its sights on a higher target of $1.25111, representing a significant upward move from current levels.
$DOGE (Dogecoin) to $0.6533 is looking like its only a matter of time here with such a major breakout response and climb thus far but a move above is looking more and more likely!
A move above $0.6533 brings in play $1.25111 which is currently over 333% away… https://t.co/fAGPkw2n2F pic.twitter.com/RyUuojWxsh
JAVON??MARKS (@JavonTM1) February 4, 2025
Featured image created with DALL-E, Chart from TradingView