One analyst predicted that Shiba Inus could surge 178%, potentially returning to all-time highs. In October 2021, Shiba Inu recorded its highest price of 0.000048845. To reach that level again, Shiba Inus would need to rise 178%. Technical analysis suggests this is possible as market conditions begin to improve. Many of the top ten cryptocurrencies have moved into the green zone, with Bitcoin once again trading above the $100,000 level.
current resistance level
According to analyst Austin Hilton, the altcoin needs to break the key resistance level of 0.00004033. Shiba Inu is currently trading at 0.00003247 and is up over 6% in the last 24 hours. If this resistance is broken, analysts believe the price will rise significantly.
3 year decline cycle
Shiba Inus have been on a downward trend for about three years, but things are changing. Market conditions are improving, and with new leadership and cryptocurrency-friendly policies in place, the cryptocurrency market is entering a new phase starting in January. This could spark one of the biggest bull markets in cryptocurrency, and Shiba Inu, the top meme coin, is positioned to profit.
Market position of Shiba Inu
Shiba Inu and Dogecoin are prominent meme coins with market capitalizations of $18 billion and $66 billion, respectively. The meme coin sector is valued at over $130 billion, making it a significant portion of the $3.67 trillion global cryptocurrency market. This shows the potential for Shiba Inu’s market capitalization to grow.
breakout pattern
Shiba Inus tend to integrate and then separate, as seen in the previous chart. After consolidation, coins often experience significant price fluctuations. For example, during one breakout period there was a 60% gain in just 8 days. A similar move could occur as more capital flows into the cryptocurrency market.