The post Analysts Who Correctly Predicted 2021 Shiba Inu Price Rally See Similar 1164% Surge Ahead appeared first on Coinpedia Fintech News

The analyst who accurately predicted the breakout for Shiba Inu in 2021 has once again forecasted in favor of the meme-inspired cryptocurrency. Crypto market analyst Rafaela Ligo sees Shiba Inu appears to be repeating a pattern observed during the 2021 bull run. 

This pattern previously resulted in an impressive 1,164% rally in just one month, sparking optimism among crypto enthusiasts as Shiba Inu aimed for a $0.0001402 price level. Currently, Shiba Inu is trading at $0.000026 with a slight drop in its price.

Shiba Inu Repeats 2021 Pattern

The cryptocurrency market is still trying to rebound from the latest correction, with Shiba Inu (SHIB) being a prominent example. Rafaela Ligo has highlighted similarities between Shiba Inu’s current price movements and its behavior during the 2021 bull run.

Back in September 2021, SHIB faced strong resistance at the $0.0000095 price level, undergoing multiple retests before experiencing a notable price drop to $0.000007. Despite this decline, Rafaela identified a bullish divergence in SHIB’s relative strength index (RSI), suggesting underlying strength in the asset.

Following this period, SHIB successfully breached the resistance level in October 2021, resulting in an impressive 1,164% surge within a month. Now, Rafaela suggests that SHIB may be following a similar trajectory in the current bull market, potentially poised for further gains. 

Looking ahead, Rafaela predicts that Shiba Inu may be on the verge of breaking the $0.000032 resistance once again. Meanwhile, recent data indicates a surge in Shiba Inu’s trading volume on Binance, surpassing 907 trillion tokens since late February. 

If history repeats itself, this breakout could lead to a significant surge in Shiba Inu’s price. Analysts project a potential upsurge of 2,015% leading to $0.0001402.

Possible SHIB Bull Run?

Meanwhile, social intelligence company LunarCrush has outlined four factors that can propel the Shiba Inu price movement.

Increasing social activity

Raising price action

Accelerating market volume, 

A very strong LunarCrush AltRank of 2

A bullish sentiment toward Shiba Inu (SHIB) is supported by a recent report from CryptoQuant, indicating a significant outflow of SHIB from exchanges over the last seven days. This shift from centralized platforms to self-custody methods is viewed as bullish as it reduces immediate selling pressure.

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Filed under: Bitcoin - @ April 5, 2024 12:26 pm