Shiba Inu’s epic resurgence has sparked speculation around how high the meme coin could run with its all-time high in sight once again.
SHIB gained over 45% in the past week, propelling back above the critical $0.00001 level. The excitement stems from the anticipated launch of Shibarium, which promises to ignite a new SHIB price surge.
If SHIB manages to retest its former peak above $0.00008, investors who buy at current prices around $0.00001 could see massive gains.
For example, a $1,000 investment in SHIB at the current price would be worth around $7,550 if it returned to its all-time high – implying potential profits of over $6,500.
SHIB has already posted parabolic rallies in the past, so a 10x or greater return is not out of the question. However, investors should remember the inherent risks in crypto’s volatility.
But with Shibarium on the horizon and retail hype resurging, traders are wondering if this is the start of SHIB’s next epic run. While challenges remain, the meme coin’s resiliency has speculators betting on history repeating itself.
A reclaim of its former peak would represent a rally of over 800% from current levels. For daring investors, even a small SHIB position could result in five-figure gains if key resistance levels fall.
Trade Setup and Technical Analysis
According to altFins, Shiba Inu’s bullish breakout from an ascending triangle pattern and move above $0.000008 resistance signals a potential trend reversal to the upside. SHIB hit our initial target of $0.000010, aligning with the 200-day moving average, where it faced rejection after retesting this level.
If SHIB can break convincingly above the $0.000010 barrier, it would confirm the new uptrend and open the door for a move towards $0.000012 next. Traders may look to set price alerts around the $0.000010 resistance.
This price action forms an ascending triangle continuation pattern, which typically resolves in the direction of the prevailing trend. Aggressive swing traders could look to trade between support and resistance levels, buying near the lower trendline around $0.000008 and taking profits near the upper trendline resistance.
The short- and medium-term trend is up, but the long-term remains in a downtrend for now. Momentum indicators are bullish, with the MACD line crossing above the signal line and RSI holding above 55.
Key support to watch is at $0.0000080, prior resistance, and then at $0.0000055 on further dips. Resistance is at $0.000010, with $0.000012 as the next target if SHIB can break out of the triangle pattern to the upside.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com