• Shiba Inu surged by 119.98% in the past month, breaching the $0.00004 threshold, signalling a potential repeat of its 2021 bull run.
• Analysts, including Rekt Capital, suggest that Shiba Inu’s current chart patterns mirror its 2021 surge.
Over the past month, Shiba Inu surpassed the $0.00004 threshold after registering a 119.98% gain. This resurgence indicates the start of a northbound movement after nearly two years of slow market pace.
In 2021, the bull market saw SHIB rally over 85,000,000% between August 2020 and October 2021. Shiba Inu’s impressive run attracted new waves of investors, drawn by the prospect of substantial returns similar to those enjoyed by early adopters.
With the next bull run approaching, optimism around Shiba Inu is growing, which is evident in its Fear and Greed reading of 79.
This performance score reflects increased token transactions, suggesting rising investor confidence. In light of this, new investors are making market entries with a projection of the 2021 rally. If this projection materializes, another wave of crypto millionaires could be born.
Analyst Predicts Potential Rally for Shiba Inu, Drawing Parallels to 2021 Surge
Rekt Capital, a cryptocurrency analyst with over 400,000 X followers, stated that SHIB has the potential to hit heights similar to its impressive 2021 bull run. Utilizing observed chart patterns, he highlighted how Shiba Inu appears to echo a trend identical to the 2021 market surge.
As the analyst Rekt Capital asserted “SHIB ultimately reached the blue resistance but rejected from it In late 2021. SHIB also wasn’t able to break blue resistance on the first attempt.”
SHIB reclaimed this orange level as new support this early on in the new week and has rebounded higher
Generally, #SHIB is now in this macro range (orange-orange)
Would need to break this Range High to rally to new yearly highs (blue)#ShibaInu #Crypto #BTC https://t.co/zxRWkZuztr pic.twitter.com/KBae9WBSVG
— Rekt Capital (@rektcapital) March 4, 2024
This pattern has prompted Rekt Capital to suggest a repeat of history. In late 2021, SHIB experienced a rejection from the blue resistance, compelling it to test the orange level as new support before confirming further upside. Currently, SHIB is actively undergoing another retest of the orange level.
In the past intraday session, Shiba Inu witnessed a 5.07% decline, trading at $0.00002889. Nonetheless, the bullish investors’ sentiment and an extreme greed score indicate growing market interest.
Shiba Inu is presently trading 111.88% above its 200-day SMA, valued at $0.00001369, affirming a positive trend in its performance.
