Shiba Inu ‘Not Done Yet,’ Primed To Repeat History – Analysts Bullish on SHIB’s Resurgence

Shiba Inu (SHIB) is not done yet and is poised for a comeback, with analysts predicting a repeat of its historic 2021 surge. The meme coin, once dismissed as a fleeting trend, is showing signs of renewed vigor, sparking bullish sentiment among investors.

Despite experiencing a recent downtrend caused by the controversial WazirX security breach where the malicious actor siphoned over $200 million in crypto, majority of which are SHIB, Shiba Inu started to show bullish movements shortly a few hours after the incident.

The Tail-Wagging Why: Crypto analyst and DeFi entrepreneur Elja Boom (@Eljaboom on X) recently shone a spotlight on Shiba Inu (SHIB) in a tweet, arguing that the meme coin is being overlooked despite its strong historical performance and promising technical indicators. “$SHIB was one of the top performers of the last cycle, and it’s not done yet,” Boom, who is also a distinguished Forbes 40 Under 40 honoree, said in an X post. In another bold prediction, Crypto Sheriff (@Gem_Sheriff on X) declared, “SHIB is Strong. History will repeat itself.”

Beyond The Bark: Both Boom and Crypto Sheriff’s analyses highlight promising technical indicators for SHIB. Boom’s chart revealed a breakout from a descending channel, a pattern often signaling a shift from a downtrend to an uptrend. This breakout could mark the start of a significant price rally.

Crypto Sheriff, on the other hand, identified a “cup and handle” pattern on SHIB’s price chart. This pattern typically indicates a period of consolidation (the cup) followed by a brief pullback (the handle) before a potential breakout.

Sniffing The Numbers: Crypto Sheriff’s analysis, anchored in technical chart patterns, offers a compelling quantitative case for SHIB’s resurgence. The “cup and handle” formation, a well-known bullish indicator, suggests a period of consolidation followed by a potential breakout. This breakout, combined with a strong support level at $0.00001778, could propel SHIB to new heights.

The support level at $0.00001778 is particularly noteworthy. This price point has historically acted as astrong floor for SHIB, providing a base from which the coin can rebound and potentially surge upwards. If SHIB manages to break out from the “handle” of the cup and handle pattern, this support level could prove instrumental in fueling its upward trajectory.

Price Action: As of 10:18 a.m. ET on Monday, Shiba Inu (SHIB) was trading at $0.00001767, reflecting a 1.54% dip for the day and a 1.84% decrease over the past week. Despite this slight decline, the meme coin’s 24-hour trading volume surged by 15.65%, reaching $445,617,629, signaling a heightened level of interest and activity.

Over the past 30 days, SHIB has experienced a 2.90% decrease, indicating some short-term volatility. However, the current circulating supply of 589,270,669,167,347 SHIB and a market cap of $10,380,492,199, based on the data from CoinMarketCap, underscore its continued significance in the crypto market.

This mixed bag of short-term fluctuations occurs amidst bullish predictions from crypto analysts, suggesting that the meme coin’s long-term prospects remain bright. While the recent price dip may raise some concerns, the increased trading volume and strong fundamentals point towards a potential for significant growth in the near future.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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