Trader Says Shiba Inu May Be Repeating 2021 Bull Market Pattern, Updates Outlook on Solana and Dogecoin
A crypto strategist who precisely known as the newest Bitcoin (BTC) correction says the highest meme token Shiba Inu (SHIB) could also be mirroring a sample final seen throughout the 2021 bull market.
Pseudonymous analyst Rekt Capital tells his 436,200 followers on the social media platform X that SHIB is within the technique of retesting its weekly help stage at $0.0000279.
In response to the crypto strategist, SHIB retested the identical worth space within the final market cycle earlier than witnessing rallies to its all-time excessive of $0.0000861.
“SHIB finally reached the blue resistance however rejected from it.
In late 2021, SHIB additionally wasn’t in a position to break blue resistance on the primary try.
Actually, in late 2021 that blue resistance rejection compelled SHIB to retest the orange stage as new help (orange circle) earlier than confirming additional upside.
Proper now, SHIB is within the technique of a retest of the orange stage as soon as once more.
Might historical past be repeating itself?
At time of writing, SHIB is price $0.000028.
Subsequent up, the dealer says the sensible contract platform Solana (SOL) has flipped resistance at $175 into help.
“The Solana retest is still in progress and still successful.”
At time of writing, SOL is price $185.24.
As for SHIB rival Dogecoin (DOGE), Rekt says the altcoin could also be within the midst of printing a bullish continuation sample on the weekly chart after breaching a multi-month diagonal resistance.
“Dogecoin completely retested the macro downtrend as soon as once more, rebounding +38% for the reason that new macro uptrend has been absolutely confirmed.
And if Dogecoin continues to carry these highs, it could very properly develop a bull flag right here.”
At time of writing, DOGE is buying and selling for $0.173.
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