According to a recent analysis by pseudonymous market watcher “Rekt Capital,” Shiba Inu (SHIB) could be preparing for an upsurge that could take the crypto market by storm.
The analyst noted the striking resemblance between Shiba Inu’s current market trends and its 2021 performance.
Shiba Inu Repeating History
For context, 2021 was a remarkable year for Shiba Inu, as the asset surged by astronomical margins to hit an all-time high of $0.00008845.
In a series of posts, Rekt Capital noted that Shiba Inu is repeating history as its current performance mirrors the patterns observed in 2021.
The analyst revealed that Shiba Inu successfully retested the $0.000026 level, aligning with an orange horizontal line. Consequently, Rekt Capital believes the move confirms that the canine-themed token is gradually “repeating itself.”
$SHIB
Retest was successful
Slowly, #SHIB history is repeating itself#ShibaInu #Crypto #BTC pic.twitter.com/eJcTqZjUfV
— Rekt Capital (@rektcapital) March 26, 2024
Similarities Between Shiba Inu’s Current Trend and Its 2021 Performance
Over the weekend, the analyst stated that Shiba Inu failed to breach a significant resistance at a price point labeled “blue resistance.” Interestingly, Rekt Capital said Shiba Inu faced a similar challenge in late 2021 and could not break the resistance in its first attempt.
The analyst noted that this forced Shiba Inu to retest a crucial price point, labeled the “orange level,” in 2021 before the asset confirmed its upward surge.
In the recent analysis, Rekt Capital highlighted that Shiba Inu has retested the “orange level,” a development that closely echoes the token’s performance in 2021.
If Shiba Inu continues to replicate its 2021 performance, it could witness a major price surge that would take it to a new all-time high (ATH).
Although Rekt Capital’s analysis looks promising, it is imperative to exercise caution when investing in crypto assets, including Shiba Inu. The broader crypto market is unpredictable and volatile.
Earlier this month, Shiba Inu’s price rallied more than 300% in eight days. At the time, SHIB surged to $0.000045, placing the token in the list of top 10 crypto assets by market cap.
With a market capitalization of $17.57 billion, Shiba Inu is now the 11th biggest crypto. At press time, SHIB traded for $0.00002979, representing a weekly uptick of 18.83%.
