The recent sharp rise in Shiba Inu prices took a breather, falling for two days in a row, as traders took profits. At press time, SHIB was trading at $0.0000245, down 20% from its highest level this week. With the token in a bear market, one analyst believes that it will make a strong comeback and rise to $0.0001.
Crypto Analyst Sees Shiba Inu Price Hitting ATH
The Shiba Inu coin has performed well in the current crypto bull run, as it has surged 137% from its August lows. This rally coincided with the rally of Bitcoin and other meme coins like Dogecoin and Floki.
The main catalysts for the recovery are the Federal Reserve’s ongoing rate cuts and the recent victory of Donald Trumpwhich could introduce more favorable regulations.
As Bitcoin trading hits an all-time high, one analyst believes Shiba Inu’s rise to an all-time high cannot be ruled out. In a post Solberg Invest noted that SHIB Price is repeating history and that it could soon go parabolic.
It identified an initial surge in May 2021, followed by a period of consolidation, before rebounding in November. The coin then fell and remained in deep consolidation until March of this year, where it surged to $0.000045. He hopes that the next parabolic move will allow him to reach an all-time high.
To reach its all-time high of $0.0000885, Shiba Inu needs to jump 270% from the current level, which is possible in this bull run. This prediction will be confirmed if it rises above the yearly high of $0.0000455.
A break above the high of the year would open the possibility of a SHIB Price rising to $0.0001, representing a 316% increase from the current level. Such a parable is possible in the crypto industry. For example, the price of Peanut the Squirrel (PNUT) has soared 210% in the last 24 hours.
SHIB MVRV explains ongoing withdrawal
The delisting of the SHIB token occurred for three main reasons. First, technically, as shown below, it forms a shooting star candlestick pattern, which is a popular reversal sign. This candlestick is characterized by a small body, two long shadows, and it should occur during an uptrend.
Second, SHIB fell as the MVRV metric rose above 3, signaling that it was becoming quite overbought, as we wrote in this article. Shiba Inu Price Prediction.
Finally, it is because of the broader sell-off of cryptocurrencies that the recent rally took a breather. For example, after hitting $90,000, Bitcoin pulled back and rose to $87,000. Therefore, there are chances that SHIB and other altcoins will rebound if Bitcoin wakes up and targets $100,000 as analysts expect.
Frequently Asked Questions (FAQ)
Yes, SHIB token could reach $0.0001 if the crypto rally gains momentum and moves the all-time high into support.
Shiba Inu price action will depend on broader crypto sentiment. If Bitcoin’s rally continues, there are chances that SHIB could retest the year’s high at $0.000045.
A fall below support at $0.00001276, its September low, would invalidate the bullish view.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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