Shiba Inu (SHIB) has been showing tremendous momentum lately and stands out as one of the best-performing meme coins considering the overall optimism that took over the cryptocurrency market last week.
Shiba Inu may reach $0.000066 in a short period of time
As the Shiba Inu price has risen over the past few days, with several experts predicting a rise to year-to-date highs, the crypto asset has attracted significant attention from investors.
Similarly, crypto analyst and investor Recto Capital shared his optimistic predictions regarding Shiba Inu with the crypto community on social media platform It aroused expectations.
Rekt Capital's analysis highlights the potential for digital assets to soar to levels not seen in more than two years. The cryptocurrency analyst noted that SHIB has reached a resistance it previously rejected, which he termed “black resistance.”
As a result, the memecoin must now “hold the blue level” shown on his chart as fresh support to create “a new re-accumulation range, possibly at higher prices.” Because of this, experts expect the Shiba Inu price to rise to the $0.000066 level soon.
The post read:
Reached the black resistance that Shiba Inu SHIB refused. SHIB should hold this blue level as new support as it may develop a new re-accumulation range at higher prices.
Rekt Capital also highlighted another of his previous predictions, predicting that the coin will reach the aforementioned price mark. Rekt Capital initially noted that the asset was hitting a blue resistance point.
Additionally, SHIB claimed to have increased over 300% since its first post last November. The analyst claimed in the post that SHIB has regained the top spot in the orange region as support.
Therefore, SHIB should be able to return to the top of the black market structure over time. However, he currently expects the Shiba Inu to rebound after completing its “macro U-shaped reversal.”
SHIB hopes for a possible recovery
Amid the recent market-wide bearish mood, cryptocurrency analysis platform Santiment has identified SHIB as one of the key assets poised for a potential recovery.
According to Santiment data, the main coins that traders expect to rebound are SHIB and Dogwifat (WIF). This came after a wild day in which Bitcoin reached new highs before the market went into “reset mode”.
Santimento has also recently highlighted his “speculative bullishness” in Solana (SOL). This is the result of speculation surrounding Solana's potential to reach the $1,000 mark.
At the time of writing, SHIB is trading at $0.00003155, representing a 13% decline over the past day. Meanwhile, market capitalization and trading volume decreased by 13% and 62%, respectively.
