Crypto expert Rekt Capital has suggested that Shiba Inu (SHIB) could follow a similar trajectory to its move back in 2021. If so, this sets up the crypto token for a parabolic move that could see it hit its all-time high (ATH) and even surpass it.
2024 Shiba Inu To Mirror 2021 Action
Rekt Capital mentioned in an X (formerly Twitter) post that SHIB’s retest was successful and that history was repeating itself. According to him, SHIB needs to break above the $0.000033285 price range to begin its uptrend continuation. In a previous post, the crypto analyst raised the possibility of SHIB’s price action mirroring the one from 2021.
He noted how SHIB came close to that price range but couldn’t break this resistance level. This was the same thing in late 2021, as Shiba Inu didn’t break that resistance level on the first attempt. That forced the meme coin to retest the $0.000026041 price level as a new support before confirming further upside.
Source: X
This time, Shiba Inu also retested that $0.000026041 price level during its recent price dip, which was partly caused by a wave of profit-taking. The meme coin showed great resolve and somehow managed to hold above that level, and it has since made a good recovery.
Now, it needs to break above the $0.000033285 price range to confirm that history is repeating itself and that a price surge to the one in 2021 is on the horizon. 2021 was SHIB’s breakout year when it enjoyed a mouth-watering gain of 46,000,000% on its way to an ATH of $0.00008845 in October 2021.
Analysts Optimistic About Shiba Inu’s Future Trajectory
Rekt Capital isn’t the only one optimistic about SHIB’s future trajectory. Crypto analyst and trader Xanrox recently predicted that SHIB could rise to $0.00008854 by July, representing a new ATH for the meme coin. Interestingly, that looks to be only the starting point for the meme coin, as other analysts have predicted that SHIB could shed another zero.
One of them is crypto investor and analyst Oscar Ramos, who expressed his bullish sentiment about the meme coin when he predicted it could rise to $0.0001. Technical analyst Javon Marks also echoed similar sentiments when he suggested that SHIB could rise to as high as $0.0001553.
Meanwhile, crypto analyst Ali Martinez once suggested that SHIB’s price gain in 2021 could be nothing compared to what lies ahead for the meme coin. Specifically, Martinez predicted that Shiba Inu could see a historic 122,000% price surge to $0.011.
At the time of writing, SHIB is trading around $0.00003116, up over 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price at $0.00003 | Source: SHIBUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
