The recent strong Shiba Inu price rally took a breather, falling for two consecutive days, as traders took profits. At press time, SHIB was trading at $0.0000245, down by 20% from its highest level this week. With the token being in a bear market, one analyst believes that it will stage a strong comeback and jump to $0.0001.
Crypto Analyst Sees Shiba Inu Price Reaching ATH
Shiba Inu coin has done well in the ongoing crypto bull run as it jumped by 137% from its August lows. This recovery coincided with the rally of Bitcoin and other meme coins like Dogecoin and Floki.
The main catalysts for the rally are the ongoing Federal Reserve rate cuts and the recent Donald Trump win, which could introduce friendlier regulations.
With Bitcoin trading at a record high, one analyst believes that Shiba Inu’s surge to an all-time high cannot be ruled out. In an X post, Solberg Invest noted that SHIB price is repeating history and that it could soon go parabolic.
He identified the initial surge in May 2021 followed by a consolidation period, before rebounding in November. The coin then dropped and remained in a deep consolidation until March this year when it surged to $0.000045. He hopes that the next parabolic move will shoot it to a record high.
To move to its all-time high of $0.0000885, Shiba Inu needs to jump by 270% from the current level, which is possible in this bull run. This forecast will be confirmed if it rises above the year-to-date high of $0.0000455.
A break above the year-to-date high of would open the possibility of SHIB price jumping to $0.0001, which is a 316% increase from the current level. Such parabolic is possible in the crypto industry. For example, Peanut the Squirrel (PNUT) price has soared by 210% in the last 24 hours.
SHIB MVRV Explains The Ongoing Pullback
SHIB token’s pullback happened for three main reasons. First, technically, as shown below, it formed a shooting star candlestick pattern, which is a popular reversal sign. This candlestick is characterized by a small body, two long shadows, and it must happen during an uptrend.
Second, SHIB dropped as the MVRV metric moved above 3, signaling that it was getting fairly overbought, as we wrote in this Shiba Inu price prediction.
Finally, it was because of the broader crypto sell-off as the recent rally took a breather. For example, after roaring to $90,000, Bitcoin pulled back and moved to $87,000. Therefore, there are odds that SHIB and other altcoins will rebound if Bitcoin wakes up and targets the $100,000 as analysts expect.
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