Bullish Forecast: Shiba Inu Primed for Upward Surge, Analyst Observes ‘SHIB History Repeating Itself’

March 26, 2024

Shiba Inu (SHIB) is gearing up to make waves and take the cryptocurrency world by storm once again this year. A bullish forecast highlighted the uncanny similarities between current market trends and SHIB’s remarkable performance in 2021, the year when it skyrocketed by over 1,100% in under a month, reaching its all-time high price of $0.00008845.

A recent analysis by the crypto analyst who uses the X handle @rektcapital provided a fresh analysis of the Shiba Inu performance using technical indicators. One of the notable observations from the analysis is the successful retest of a crucial level by SHIB. 

This suggests that the cryptocurrency’s price or market behavior has successfully tested a previous level of support or resistance. In technical analysis, a retest refers to the price revisiting a previous level to confirm its strength. If the retest is successful, it usually indicates that the level (whether it’s support or resistance) is holding firm.

The analyst further solidified their earlier predictions, affirming that Shiba Inu’s current market behavior mirrors the patterns from its remarkable performance in 2021. “Slowly, SHIB history is repeating itself,” declared the crypto analyst, who is also a trader, in a recent tweet.

Over the weekend, the analyst noted that SHIB faced significant resistance at a pivotal price point referred to as the “blue resistance,” which it was unable to penetrate. Concurrently, Shiba Inu was retesting another key level, termed the “orange level.” 

RektCapital shared a few days back that “In late 2021, SHIB also wasn’t able to break blue resistance on the first attempt. In fact, in late 2021 that blue resistance rejection forced SHIB to retest the orange level as new support (orange circle) before confirming further upside.”

In their most recent analysis, the analyst confirmed that Shiba Inu successfully retested the “orange level,” a movement that now truly mirrors the crypto asset’s performance three years ago.

Although the most recent analysis paints an optimistic picture of Shiba Inu’s potential for an upward surge, it’s important to remember that the cryptocurrency market is inherently volatile and unpredictable. Multiple factors can influence price fluctuations, adding layers of complexity to trading decisions. Nonetheless, technical analyses, like the patterns identified with SHIB, offer valuable insights.

As of 3:57 p.m. ET on Tuesday, Shiba Inu (SHIB) was trading at $0.000030, accompanied by a robust 24-hour trading volume of $1,911,687,648. This marks a daily uptick of 2.24%, an impressive 15.09% surge over the past week, and a remarkable 200.55% growth in the last month. According to the latest data from CoinMarketCap, Shiba Inu currently holds the 11th spot in terms of market ranking, boasting a market capitalization of $17,805,953,201 and a circulating supply of 589,289,410,812,691 SHIB.

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