- Analyst “Rekt Capital” suggests Shiba Inu (SHIB) may be primed for a significant price surge akin to its 2021 performance.
- Current market trends for SHIB closely resemble patterns preceding its meteoric rise in 2021, including successful retests of key price levels.
- While optimistic, caution is advised due to the cryptocurrency’s volatility. Previous rallies, such as the recent 300% surge, highlight the unpredictable nature of SHIB’s price movements.
According to a recent analysis by the pseudonymous market watcher “Rekt Capital,” the popular meme cryptocurrency Shiba Inu (SHIB) could be gearing up for a massive price surge reminiscent of its remarkable performance in 2021. The analyst has identified striking similarities between Shiba Inu’s current market trends and the patterns that preceded its meteoric rise two years ago.
Revisiting the 2021 Success Story In 2021, Shiba Inu captured the attention of the crypto world as it surged by astronomical margins, ultimately reaching an all-time high of $0.00008845.
Echoes of Shiba Inu’s Past
Rekt Capital’s analysis reveals that Shiba Inu’s current performance is closely mirroring the trends observed in 2021. Specifically, the analyst notes that Shiba Inu has successfully retested the $0.000026 level, confirming the token’s gradual “repetition” of its previous trajectory.
The analyst further highlights that over the weekend, SHIB faced a significant resistance level, labeled “blue resistance,” echoing a similar challenge it encountered in late 2021. Back then, Shiba Inu failed to break through this resistance on its initial attempt, necessitating a retest of a crucial price point known as the “orange level” before ultimately confirming its upward surge.
Interestingly, Rekt Capital’s analysis suggests that SHIB has recently retested this “orange level,” a development that closely mirrors the token’s performance in 2021. If SHIB continues to replicate its 2021 trajectory, it could potentially witness a major price surge that would take it to new all-time highs.
While Rekt Capital’s analysis paints a promising picture for SHIB, it is crucial to exercise caution when investing in the highly volatile and unpredictable cryptocurrency market. Earlier this month, Shiba Inu’s price rallied more than 300% in just eight days, pushing the token into the list of the top 10 cryptocurrencies by market capitalization.
