Shiba Inu (SHIB) Mirrors Pattern That Led to Last ATH: But Key Support Must Hold First, Watch These Price Levels
According to popular crypto analyst Rekt Capital, the meme cryptocurrency Shiba Inu (SHIB) is currently following a pattern similar to the one that preceded its remarkable rally to all-time highs in late 2021. However, for history to potentially repeat itself, a crucial support level must hold firm.
In a recent update on X, Rekt Capital shared a chart analysis highlighting SHIB’s price action. He noted that while SHIB ultimately reached the blue resistance level but faced rejection in late 2021, it also failed to break through this level on the first attempt. Notably, the rejection from blue resistance forced SHIB to retest the orange level as new support (orange circle) before confirming further upside momentum.
“Right now, SHIB is in the process of a retest of the orange level once again,” Rekt Capital observed, posing the question: “Could history be repeating itself?”
The orange level Rekt Capital refers to currently sits around $0.000027, acting as a crucial support zone for SHIB. If this level holds, the analyst’s analysis suggests that SHIB could potentially follow a trajectory similar to its late 2021 rally, which saw the meme token reach an all-time high of around $0.000088.
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Show more +However, for such a scenario to unfold, SHIB would need to break through multiple resistance levels. Rekt Capital’s analysis indicates that SHIB would first need to surpass the $0.000033 level, represented by the blue line on the chart, followed by additional hurdles at around $0.000044 and $0.000066.
If SHIB were to successfully navigate these resistance levels, it could potentially set the stage for a rally toward the previous all-time high, representing a substantial percentage gain from its current price.
As the meme cryptocurrency continues to capture the attention of the crypto community, all eyes will be on whether SHIB can maintain the crucial orange support level and potentially repeat its historical rally to new highs.
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