Benzinga - As Shiba Inu (CRYPTO: SHIB) approaches its historical peaks, cryptocurrency analysts are examining its potential to reach new highs.
What Happened: Pseudonymous cryptocurrency Rekt Capital on Tuesday said on X, “SHIB is up almost +400% from the initial post. Can you believe it isn’t that far away from old all-time highs? Only two major black resistances left before new All Time Highs $SHIB just needs to rally an extra +120% from here to reach new All-time Highs and complete its Macro U-Shaped Cup formation.”
$SHIB just needs to rally an extra +120% from here to reach new All time Highs and complete it Macro U-Shaped Cup formation#SHIB #Crypto #ShibaInu pic.twitter.com/EJTqcbPDqm— Rekt Capital (@rektcapital) March 5, 2024
The noted resistances for SHIB, according to the analysts are at $0.000047 and $0.000067, respectively.
$SHIBSHIB is up almost +400% from the initial post
Can you believe it isn't that far away from old All Time Highs?
Only two major black resistances left before new All Time Highs#ShibaInu #Crypto #BTC https://t.co/IrSubn2txN pic.twitter.com/RTv1cfySuV
— Rekt Capital (@rektcapital) March 5, 2024
Another pseudonymous crypto analyst Daan Crypto Trades said that “$SHIB Catching up to $DOGE (CRYPTO: DOGE) again. On-chain there is a lot more craziness even but wanted to just highlight the biggest few on here.”
Meme coin performance in the last two weeks.$PEPE leading the charge and $DOGE lagging behind. Makes sense looking at the market caps too.$SHIB Catching up to $DOGE again.On chain there is a lot more craziness even but wanted to just highlight the biggest few on here. pic.twitter.com/7rGTGrC0Eu
— Daan Crypto Trades (@DaanCrypto) March 5, 2024
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: This prediction comes as Shiba Inu saw an increase, overtaking the market capitalizations of established technology firms like Zoom, Snap, eBay, and MicroStrategy.
Oscar Ramos, an investor and analyst, expressed a strong conviction in an X (formerly Twitter) post that Shiba Inu’s price could rise to $0.0001, eliminating one zero from its current pricing.
Ramos assigns a 100% probability to this outcome within the 2024 bullish cycle. His predictions are rooted in SHIB’s historic surge to nearly $0.00008 in October 2021. “I believe $0.0001 #SHIB is 100% Happening for Shibtoken," he said.
Price Action: At the time of writing, SHIB was trading at $0.000037, down a 4.99% decrease over the last 24 hours.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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