SHIB Mirrors 2021 Pattern, Could Herald New Price Surge: Crypto Analyst

March 24, 2024

Shiba Inu stands on the brink of what could be a significant market resurgence this year, mirroring its notable trajectory from 2021—a year that saw it reach an unprecedented all-time high (ATH) of $0.00008845. SHIB’s current market behavior not only recalls its prior dominance but also signals to both investors and cryptocurrency enthusiasts alike a potential renaissance.

A prominent crypto analyst, known by the X handle @rektcapital, has drawn attention to striking parallels between the current price movement of Shiba Inu and its late 2021 behavior, a comparison that teases the interesting prospect that history could be on the brink of repeating itself. Should this pattern hold true, it suggests that SHIB could be gearing up for a significant breakout in the market this year, positioning the crypto asset for another monumental rally.

According to the analysis, SHIB recently encountered resistance at a critical price level, dubbed the “blue resistance,” which it failed to break through, mirroring its late 2021 performance. “SHIB ultimately reached the blue resistance but was rejected from it,” the analyst observed.

Following its rejection at the blue resistance, SHIB’s price trajectory in late 2021 saw it retest a lower support level, referred to as the “orange level.” This retesting served as a foundation for SHIB to gather strength and eventually confirm further upside movement. 

The analyst highlighted, “In late 2021, that blue resistance rejection forced SHIB to retest the orange level as new support before confirming further upside.” Currently, Shiba Inu appears to be in a similar position, undergoing a retest of the orange support level. 

This recurring pattern triggered the curiosity, propelling the crypto analyst to raise the possibility of history repeating itself. If SHIB successfully holds above this support level, it may well be on its way to experiencing a significant price increase, similar to its past trajectory.

The cryptocurrency market is known for its volatility and unpredictability, with numerous factors influencing price movements. However, technical analysis, such as the patterns observed with SHIB, provides valuable insights that can help investors and traders navigate the market’s complexities.

As of 8:13 a.m. ET on Sunday, Shiba Inu was making waves in the cryptocurrency market, trading at $0.000028. It boasted a robust 24-hour trading volume of $1,022,572,027, showcasing a promising 1.62% uptick within the day. 

The momentum didn’t stop there; over the past week, SHIB surged by 3.15%, and the last 30 days have seen an astonishing 190.81% increase in its value. With these figures, SHIB occupies the 12th spot in CoinMarketCap’s rankings, boasting a market capitalization of $16,457,690,673. The circulating supply of SHIB stands at a staggering 589,289,410,812,691, according to the latest data from CoinMarketCap.

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