Shiba Inu (SHIB) is showing signs that could signal a repeat of its meteoric rise in 2021, according to a recent analysis by popular crypto analyst Rekt Capital.
Shiba Inu Mirroring 2021
Rekt Capital highlights striking similarities between SHIB’s current price movements and its historic performance in 2021 when the token skyrocketed to an all-time high of $0.00008845.
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Retest was successful
Slowly, #SHIB history is repeating itself#ShibaInu #Crypto #BTC https://t.co/guQwZCg9bo pic.twitter.com/eJcTqZjUfV
— Rekt Capital (@rektcapital) March 26, 2024
The analyst points to a successful retest of the $0.000026 level, followed by a struggle to overcome resistance at a specific price point. This mirrors SHIB’s behaviour in late 2021, where it retested a crucial support level before its monumental surge.
Repeating the Pattern?
The recent retest of the “orange level,” as identified by Rekt Capital, strengthens the possibility of SHIB replicating its 2021 breakout. If this pattern holds, SHIB could be poised for another significant price increase, potentially exceeding its previous all-time high.
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While Rekt Capital’s analysis suggests a promising future for SHIB, investors are urged to exercise caution. The cryptocurrency market remains unpredictable and prone to volatility.
Recent Rally
Earlier in March, SHIB experienced a remarkable eight-day rally, surging over 300% and briefly entering the top 10 cryptocurrencies by market cap. Despite a slight pullback, SHIB maintains a position among the top 11 biggest cryptos, currently trading around $0.00002979 and reflecting an 18.83% increase over the past week.