Shiba Inu (SHIB) has caught the attention of investors and enthusiasts as it shows potential for a price surge, aiming to surpass its previous all-time high of $0.0001. Technical indicators suggest that SHIB could rise and maintain above the crucial $0.000028 level, despite the dominance of Bitcoin and Ethereum.
Analysts are optimistic about SHIB’s future, drawing parallels between its current performance and its rally in 2021, which could indicate further growth for the meme coin.
Shiba Inu (SHIB) is currently showing signs of a potential price uptrend that could push the meme coin to new all-time highs. Based on technical indicators, there is a possibility that SHIB could surpass its previous record of $0.0001, which has excited both investors and enthusiasts.
Although the recent recoveries of market leaders Bitcoin (BTC) and Ethereum (ETH) may have overshadowed Shiba Inu’s performance, the meme coin has successfully regained and maintained its position above the crucial $0.000028 level. This resilience has caught the attention of market watchers, who anticipate SHIB reaching new heights in the current market cycle.
Optimism for Shiba Inu’s future is fueled by historical data, particularly its price action in 2021. In a recent analysis, crypto analyst Bunchhieng highlighted the similarities between SHIB’s current market behavior and its pattern in 2021.
In October 2021, Shiba Inu experienced a significant rally of 406%, surging from $0.00000697 to a high of $0.00003528. After a brief retracement and consolidation period, SHIB then skyrocketed another 222%, reaching an all-time high of $0.00008845 on October 28, 2021.
Bunchhieng believes that history could repeat itself, as Shiba Inu has already witnessed a similar initial rally this year. From February 25 to March 5, SHIB surged an impressive 373%, climbing from $0.00000965 to a yearly peak of $0.00004567.
The recent frenzy surrounding meme coins, which occurred from late February to early March, has played a significant role in Shiba Inu’s impressive performance. Trade volume for meme coins has nearly tripled this year, with SHIB commanding a substantial portion of this volume at one point, according to market analytics resource IntoTheBlock.
During this period of surging volume, the combined market capitalization of meme coins reached $56 billion. While Dogecoin (DOGE) saw its price double and Pepe (PEPE) recorded a 5x increase, Shiba Inu has already grown 2.5x this year, demonstrating its potential for further growth.
Following its spike to $0.00004567 on March 5, Shiba Inu has entered a consolidation phase, retracing some of its gains. Trading platform TopgOptions expects SHIB to consolidate within the $0.000027 area before making another significant push.
If Shiba Inu’s price action continues to follow its pattern from 2021, the next move could be a powerful uptrend. Bunchhieng anticipates this uptrend to drive SHIB to the $0.0001 mark, representing a staggering 249% increase from its current price of $0.00002864. With the Relative Strength Index (RSI) currently at 53.15, Shiba Inu has ample room for further growth.
