Shiba Inu technical indicators suggest the possibility of another price uptrend that could take its price to a new all-time high above $0.0001.
The recent market correction has come to a halt, with prices seeing mild to massive rebounds. While Shiba Inu has not recorded as much recovery as market leaders Bitcoin (BTC) and Ethereum (ETH), it has reclaimed and held up well above $0.000028.
Shiba Inu Historical Data
Amid the perceived underperformance, market watchers expect SHIB to reach new heights during this current market cycle. One of the factors bolstering this optimism is an assessment of historical data, especially on SHIB’s 2021 price action.
In a recent TradingView analysis, crypto analyst Bunchhieng highlighted this historical pattern, noting that Shiba Inu is looking to replicate it in this bull run. For context, SHIB recorded an initial 406% rally from $0.00000697 on Oct. 28, 2021, to a high of $0.00003528 on Oct. 7, 2021.
After reaching the $0.00003528 high, SHIB witnessed a retracement and subsequently consolidated for most of October 2021. Nonetheless, Shiba Inu engineered another round of gains, spiking 222% from $0.00002747 on Oct. 22, 2021, to its all-time high of $0.00008845 on Oct. 28, 2021.
SHIB Replicates 2021 Pattern
Bunchhieng believes history could repeat itself. Interestingly, Shiba Inu has seen a similar initial rally, surging 373% from $0.00000965 on Feb. 25 to a yearly peak of $0.00004567 on March 5.
IntoTheBlock called attention to this impressive rally, which occurred during the meme coin frenzy from late February to early March. The market analytics resource revealed that trade volume for meme coins has almost surged by three times this year. Notably, Shiba Inu commanded most of this volume at some 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
IntoTheBlock stressed that amid this surging volume, the combined market cap of meme coins rose to $56 billion. Dogecoin (DOGE) has seen its price double, while Pepe (PEPE) has recorded a 5x increase. Meanwhile, SHIB is already up 2.5x this year, indicating massive growth.Â
Following the spike to $0.00004567 on March 5, SHIB has now retraced some of its gains and entered a consolidation phase. Trading platform TopgOptions highlighted this stage, noting that SHIB would consolidate within the $0.000027 area and retrace before embarking on another significant push.
If Shiba Inu replicated the previous price action in 2021, its next direction could be an uptrend. Bunchhieng expects this uptrend to push SHIB to a $0.0001 price, marking a 249% rise from its current price of $0.00002864. With Shiba Inu’s RSI currently at 53.15, SHIB has massive room for more growth.
Meanwhile, Shiba Inu is currently battling to solidify its position above the 200-day EMA at $0.00002806. A confident move above this point could bring SHIB to the resistance level at $0.00003075. Breaching this resistance would mark the start of a sustained push toward greater heights.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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