Technical analysts are closely watching Shiba Inu (SHIB) as indicators suggest another potential surge toward the coveted $0.0001 mark.
This upswing could place the meme-inspired cryptocurrency at a new all-time high. While the broader crypto market has rebounded from recent corrections, SHIB currently maintains a solid position above $0.000027.
Read Also: Analyst Spots Shiba Inu (SHIB) Crucial Support Level For Bullish Breakout
A Look at 2021’s Patterns
The optimism surrounding Shiba Inu’s price potential draws heavily on its historical performance, specifically the impressive rallies of 2021. Crypto analyst Bunchhieng, in a TradingView analysis, emphasized the potential parallels between SHIB’s current price action and its behavior in late 2021.
In October 2021, Shiba Inu saw an initial surge of 406% within a short timeframe. This was followed by a period of consolidation and then a subsequent rally of 222%, achieving an all-time high of $0.00008845. Could SHIB be poised to replicate this pattern?
Momentum and Market Sentiment
Shiba Inu’s recent upward trajectory mirrors its performance in early 2023. This year, a frenzy for meme coins saw SHIB increase a notable 373% from its value in late February.
Market analytics firm IntoTheBlock underscored the growing interest in meme coins, with trade volumes tripling in 2023.
Captioning a chart for illustration, IntoTheBlock wrote, “The aggregate value of meme coins has nearly tripled in 2024! While DOGE has doubled in price in 2024, SHIB has increased 2.5x and PEPE nearly 5x. This meme coin season has led the valuation of memecoins to surpass $56B.”
The aggregate value of meme coins has nearly tripled in 2024!
While DOGE has doubled in price in 2024, SHIB has increased 2.5x and PEPE nearly 5x. This memecoin season has led the valuation of memecoins to surpass $56B. pic.twitter.com/FdRykE3juD
— IntoTheBlock (@intotheblock) April 7, 2024
This increased market activity adds potential fuel to SHIB’s ascent. Although not mirroring the exponential gains of market leaders like Bitcoin and Ethereum, Shiba Inu’s year-to-date performance remains significant.
Technical Indicators and Next Steps
Trading platform TopgOptions anticipates a short consolidation phase for SHIB around the $0.000027 range before embarking on its next major price movement.
If SHIB successfully mirrors its 2021 surge, analysts like Bunchhieng project a target price of $0.0001 – representing a 249% increase from its current level. Shiba Inu’s RSI of 50.1 further suggests room for growth.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Machine Learning Model Sets Shiba Inu (SHIB) Price For April 1, 2024
Currently, SHIB is contending with the immediate challenge of solidifying a position above the 200-day EMA of $0.00002806. Establishing dominance above this level could set the stage for a push towards the $0.00003075 resistance point, signaling a more decisive uptrend.
The cryptocurrency market is highly volatile and unpredictable. Historical patterns do not guarantee future performance. It is essential to conduct thorough research and exercise caution before making investment decisions.
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