In the crypto space, the hunt for patterns and trends is intense. Recently, a notable crypto strategist revealed an intriguing pattern that may happen for Shiba Inu (SHIB). The meme token has captured everyone’s attention in crypto.
With the potential for history to repeat itself, traders are eagerly eyeing SHIB as it looks in position for another significant run. Let’s delve into the insights shared by this trader and explore what this could mean for SHIB holders.
Revealing the Analysis
A crypto pundit, operating under the pseudonym Rekt Capital, has shared his insights. With a track record of accurately predicting market movements, Rekt Capital’s latest analysis focuses on SHIB’s current trajectory. With a sizable following on the social media platform X, Rekt Capital shared observations indicating that SHIB could repeat a pattern similar to the one during the 2021 bull run.
The key to Rekt Capital’s analysis is revisiting historical support and resistance levels. SHIB is around its crucial support level close to $0.0000279. This level is vital because Shiba Inu reached it during a past market cycle and hit a new all-time high of $0.0000861. Looking at the historical patterns, Rekt Capital points out similarities in SHIB’s price action, particularly in its encounters with resistance levels referred to as the “blue resistance.”
What’s Next for SHIB?
By examining SHIB’s behaviour further, Rekt Capital suggests that the token’s current trajectory could be the same as in late 2021. During this period, SHIB faced rejection at the blue resistance level and later retraced to test another level known as the “orange level” as a new support before going even higher.
This comparison led to many speculations among crypto enthusiasts about history repeating itself, signalling the possibility of SHIB gearing up for another incredible run.
Traders are searching for the next big altcoin as the crypto market continues to produce massive gains left, right, and centre. Rekt Capital’s analysis offers valuable insights into potential market trends for Shiba Inu. While historical patterns can provide guidance, it’s essential to approach crypto investments with caution and proper research.
