Is it Realistic to Expect Shiba Inu Price to Revisit ATH?

Shiba Inu price today remains under significant selling pressure as it hovers near its lowest point since February 2024. It has continued to move further away from its all-time high, which can be blamed on the ongoing crypto and stocks meltdown. This article assesses whether it is realistic to expect SHIB price to rebound and revisit its all-time high. Shiba Inu Price Technicals Maps Technical analysis is one of the best approaches to forecast whether the Shiba Inu price will rebound and retest its all-time high of $0.00008847. With the SHIB coin trading at $0.00001085, it needs to jump by 710% from the current level. Such a move would push its market cap from the current $6.39 billion to over $51 billion, assuming that the circulating supply remains intact. A 710% jump is possible in the crypto market as many tokens have made similar gains in the past. For example, SHIB price was up by almost 700% from its lowest point in 2023 to its highest level last year. It remains up by over 5,000% from its all-time low. A Shiba Inu coin price surge, however, will take time as technicals point to further downside in the coming weeks. That’s because the coin formed a double-top pattern at $0.00003345. This common pattern comprises two peaks and a neckline, which, in this case, is at $0.00001090. The double-top has a depth of 67%, meaning that the next target for the coin is $0.000003547, its lowest level in May 2021. This view will be confirmed if it completely moves below the double top’s neckline. The bearish SHIB price forecast will be canceled when the coin rises above the resistance at $0.00003345. Shiba Inu price How Can SHIB Price Surge to ATH? Shiba Inu price can jump to a record high if key conditions are met. First, there needs to be a broader crypto market rally, since, historically, the coin jumps when Bitcoin and other altcoins are in a cyclical bull market. Second, the monetary policy in the US should be conducive, whereby the Fed is slashing interest rates. There are odds that the Fed will deliver an emergency cut because of Donald Trump’s trade war . These odds have jumped to an all-time high on Polymarket. Crypto and other risky assets thrive in an era of easy money. Third, the SHIB coin price needs to rise above key resistance levels to validate the jump to an all-time high. For example, it needs to jump to the double-top point at $0.00003343 and the false breakout top at $0.00004588. Clearing that level shows that there is no visible technical resistance that will prevent it from surging to a record high. Fundamentally, the Shibarium network needs to work. While it crossed the 1 billion milestone recently, the ecosystem is not all that strong and is much smaller than many other chains. More utility and activity on Shibarium would be bullish for the SHIB token. The post Is it Realistic to Expect Shiba Inu Price to Revisit ATH? appeared first on CoinGape .

Source: CoinGape