Shiba Inu (SHIB) shows potential for a price surge, aiming to surpass its previous all-time high of $0.0001.
Recent technical indicators suggest SHIB could rise, maintaining above the crucial $0.000028 level despite Bitcoin and Ethereum’s dominance.
Analysts draw optimism from historical data, noting similarities between SHIB’s current performance and its 2021 rally, anticipating further growth.
Shiba Inu (SHIB) is showing signs of a potential price uptrend that could propel the meme coin to new all-time highs. Technical indicators suggest that SHIB could surpass its previous record of $0.0001, sparking excitement among investors and enthusiasts alike.
The strong recoveries of market leaders Bitcoin (BTC) and Ethereum (ETH) may have overshadowed Shiba Inu’s recent performance, but the meme coin has successfully reclaimed and maintained its position above the crucial $0.000028 level. This resilience has caught the attention of market watchers, who now expect SHIB to reach new heights during the current market cycle.
Historical Data Fuels Optimism for Shiba Inu’s Future
One of the key factors driving the optimistic outlook for Shiba Inu is the analysis of historical data, particularly the coin’s price action in 2021. In a recent TradingView analysis, crypto analyst Bunchhieng highlighted the striking similarities between SHIB’s current market behavior and its 2021 pattern.
In October 2021, Shiba Inu experienced an initial 406% rally, surging from $0.00000697 on October 28 to a high of $0.00003528 on October 7. Following a brief retracement and consolidation period, SHIB then skyrocketed another 222%, reaching its 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.
Meme Coin Frenzy and Market Momentum
The recent meme coin frenzy, which occurred from late February to early March, has played a significant role in Shiba Inu’s impressive performance. According to market analytics resource IntoTheBlock, trade volume for meme coins has nearly tripled this year, with SHIB commanding a substantial portion of this volume at one point.
The aggregate value of meme coins has nearly tripled in 2024!While DOGE has doubled in price in 2024, SHIB has increased 2.5x and PEPE nearly 5x. This memecoin season has led the valuation of memecoins to surpass $56B. pic.twitter.com/FdRykE3juD
— IntoTheBlock (@intotheblock) April 7, 2024
During this period of surging volume, the combined market capitalization of meme coins soared to $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 immense 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. TopgOptions, a trading platform, expects SHIB to consolidate within the $0.000027 area before initiating another significant push.
If Shiba Inu’s price action continues to mirror its 2021 pattern, the next move could be a powerful uptrend. Bunchhieng anticipates this uptrend to propel 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.