Cryptocurrency expert Recto Capital suggested that Shiba Inu (SHIB) could follow a similar trajectory to its move back in 2021. If so, this could lead to a parabolic move for the crypto token, potentially reaching an all-time high (ATH). And even more than that.
2024 Shiba Inu and Kagami 2021 Action
Rekt Capital said in a post on X (formerly Twitter) that the SHIB retest was successful and history is repeating itself. According to him, SHIB needs to break out of the $0.000033285 price range to start the continuation of the uptrend. In a previous post, the crypto analyst raised the possibility that SHIB’s price action mirrors 2021 price action.
He noted that SHIB approached that price range but failed to break out of this resistance level. This was the case at the end of 2021, with Shiba Inu unable to break through that resistance level on the first try. This forced Memecoin to retest the $0.000026041 price level as new support before confirming further upside.
This time, Shiba Inu retested the $0.000026041 price level during the recent price decline, which was partially due to a wave of profit taking. Memecoin showed great determination and managed to stay above that level, and has since made a steady recovery.
Now, we need to break out of the $0.000033285 price range to see history repeating itself and a price surge heading into 2021 just around the corner. 2021 was a breakout year for SHIB, enjoying a mouth-watering gain of 46,000,000% on its way to ATH reaching $0.00008845 in October 2021.
Analysts are optimistic about Shiba Inu's future path
Rekt Capital is not alone in its optimism about SHIB's future trajectory. Crypto analyst and trader Zanrox recently predicted that SHIB could rise to $0.00008854 by July, representing a new ATH for the meme coin. Interestingly, this appears to be just the starting point for the meme coin, as other analysts predict that SHIB could drop further zeros.
One of them is crypto investor and analyst Oscar Ramos, who expressed his bullish sentiment on Memecoin, predicting it could rise to $0.0001. Technical analyst Javon Marks echoed similar sentiments, suggesting that SHIB could rise to $0.0001553.
Meanwhile, cryptocurrency analyst Ali Martinez has previously suggested that SHIB's price increase in 2021 could be negligible compared to what's to come for the meme coin. Specifically, Martinez predicted that the Shiba Inu price could rise by a historic 122,000% to $0.011.
At the time of writing, SHIB was trading at around $0.00003116, up more than 3% in the past 24 hours, according to data from CoinMarketCap.
