Shiba Inu (SHIB) is displaying promising signs of a potential surge in price, with the aim of surpassing its previous all-time high of $0.0001. Recent technical indicators indicate that SHIB could experience a rise and maintain a position above the important level of $0.000028, despite the dominance of Bitcoin and Ethereum in the market. Analysts are optimistic about SHIB’s future, drawing parallels between its current performance and its rally in 2021, and anticipating further growth.
Shiba Inu (SHIB) is showing indications of a potential upward trend in price that could propel the meme coin to new record highs. Technical indicators suggest that SHIB could exceed its previous peak of $0.0001, generating excitement among investors and enthusiasts.
While the strong recoveries of market leaders Bitcoin (BTC) and Ethereum (ETH) may have overshadowed Shiba Inu’s recent performance, the meme coin has successfully reclaimed and maintained its position above the critical level of $0.000028. This resilience has caught the attention of market observers who now expect SHIB to reach new heights in the current market cycle.
Optimism for Shiba Inu’s future is fueled by the analysis of historical data, particularly the coin’s price action in 2021. In a recent analysis on TradingView, crypto analyst Bunchhieng highlighted the striking similarities between SHIB’s current market behavior and its pattern in 2021.
In October 2021, Shiba Inu experienced an initial rally of 406%, surging from $0.00000697 on October 28 to a high of $0.00003528 on October 7. After 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.
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. 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.
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.
Since reaching its peak at $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 range before initiating another significant push.
If Shiba Inu’s price action continues to mirror its pattern in 2021, 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.
