SHIB To Record New ATH If It Meets Certain Conditions: Analyst

March 8, 2024

Shiba Inu ($SHIB), the dog-themed altcoin of the Shiba Ecosystem, has been capturing the spotlight with its impressive ascent amid the ongoing bull market in the cryptocurrency realm. On the cusp of a groundbreaking achievement, SHIB is within reach of setting a new all-time high, a goal that hinges on surpassing several key resistance levels identified by an expert crypto trader.

Crypto analyst and trader who uses the X handle @rektcapital recently shared his expertise on SHIB’s performance through a series of tweets. One notable tweet highlighted SHIB’s extraordinary surge of over 400% on March 5, bringing it tantalizingly close to breaking past its previous all-time high price.

The analyst, however, pointed out that SHIB needs to cross a handful of crucial resistance barriers to record a new all-time high. Further delving into the metrics, the crypto trader explained that Shiba Inu must muster an additional 120% increase from its current price to achieve a new historic all-time high (ATH) and must complete its macro U-shaped cup formation.

“SHIB is up almost +400% from the initial post. Can you believe it isn’t that far away from old all-time highs? Only two major black resistances left before new All-Time Highs $SHIB just needs to rally an extra +120% from here to reach new All-time Highs and complete its Macro U-shaped cup formation,” the crypto trader said in a tweet.

At around the same time, Shytoshi Kusama, the pseudonymous lead developer of the Shiba ecosystem, shared a tweet, extending appreciation to the Shib Army, as SHIB sits just behind Dogecoin in the list of top cryptocurrencies by market capitalization.

“Now that we have overcome the Doge volume, WOOF! It was hard traversing the wintery mix, but here we stand as an army beside our sworn frenemies. #SHIBARMY I AND EVERYONE ELSE SALUTE YOU. They said it was impossible. We knew it was inevitable,” Kusama’s tweet read.

Kusama’s engagement on social media platforms, coupled with hints at ongoing discussions “on the other side of the world,” sparks anticipation for potential projects that could soon be revealed.

As 9:25 a.m. ET on Friday, Shiba Inu’s market price stands at $0.000035, backed by a 24-hour trading volume of $3,846,462,892. The cryptocurrency has witnessed a 9.31% increase in the last 24 hours, a 166% surge over the past week, and an astounding 292% climb over the past month. Currently, SHIB holds the tenth position in CoinMarketCap’s rankings, boasting a market capitalization of $20,551,078,901, with a circulating supply of 589,289,410,812,691 SHIB coins.

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