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An analyst has predicted that Shiba Inu could surge by 178%, potentially returning to its all-time high. In October 2021, Shiba Inu hit its peak price of 0.000048845. To reach that level again, Shiba Inu would need to rise by 178%. The technical analysis suggests this is a possibility, as the market conditions are starting to improve. Majority of the top 10 cryptocurrencies have drifted into the green zone and Bitcoin is once again trading above the $100k level.
Current Resistance Levels
According to analyst Austin Hilton, the altcoin needs to break through a major resistance level of 0.00004033. Right now, Shiba Inu is trading at 0.00003247 and is up by more than six percent in the last 24 hours. Once this resistance is broken, the analyst believes we’ll see a significant price increase.
The Three-Year Down Cycle
Shiba Inu has been in a downtrend for about three years, but that’s changing. The market conditions are improving, and with new leadership and pro-crypto policies in place, the crypto market is heading into a new phase starting in January. This could trigger one of the biggest bull runs for crypto, and Shiba Inu, as a top meme coin, is positioned to benefit.
Shiba Inu’s Market Position
Shiba Inu and Dogecoin are the leading meme coins, with market caps of $18 billion and $66 billion, respectively. The meme coin sector is worth over $130 billion, a significant part of the $3.67 trillion global crypto market. This shows the potential for growth in Shiba Inu’s market cap.
Breakout Pattern
Shiba Inu tends to consolidate and then break out, as seen in previous charts. After consolidation, the coin often experiences significant price movements. For example, there was a 60% gain in just eight days during one breakout. With more capital entering the crypto market, similar movements could occur.