Currently, Shiba Inu is replicating a pattern reminiscent of its performance during the 2021 bull run, which resulted in a remarkable 1,164% surge in just one month.

Identification of Pattern

Crypto market analyst Rafaela Ligo highlighted this pattern in a recent post on X, referencing her previous analysis of SHIB’s price movements during a similar trend in September 2021.

During that period, Rafaela noted that Shiba Inu encountered significant resistance at the $0.0000095 level. The data showed that SHIB retested this resistance seven times between May 2021 and September 2021. 

Related article: Market Dynamics: Significant Movement of Shiba Inu Tokens Detected

Following the seventh retest on Sept. 17, 2021, Shiba Inu experienced a price decline, dropping to $0.000007. However, Rafaela identified a bullish divergence in SHIB’s relative strength index (RSI), indicating growing strength despite the price drop.

Breakthrough and Surge

In October 2021, Shiba Inu broke through this resistance, surging from $0.000007 to an all-time high (ATH) of $0.00008845, marking a 1,164% increase in less than a month.

_{Shiba Inu October 2021 Performance}

Rafaela believes SHIB is currently following a similar trajectory in the current bull phase. She observed that while Shiba Inu’s price has declined, its trading volume, particularly on Binance, has surged significantly.

Related article: Shiba Inu Experiences a Remarkable Surge of 1058% in Whale Activity

According to Rafaela’s analysis, SHIB faces resistance at the $0.000032 level, similar to its 2021 pattern. She anticipates SHIB to breach this resistance, projecting a 2,015% surge from $0.0000066 to $0.0001402.

$SHIB
Remember my chart below in 2021 just before it exploded?
Well…it should do again this cycle https://t.co/fUcalaRpzN pic.twitter.com/GNZGeioRdw

— ⭐RᗩᖴᗩEᒪᗩ 𝗥𝗜𝗚𝗢 ⭐ (@RAFAELA_RIGO_) April 4, 2024

Current Status

Currently trading at $0.00002682, down 3.4% today, SHIB still holds potential according to industry commentators. Lead developer Shytoshi Kusama previously stated that a prediction of $0.00012 for SHIB is an “underestimate.”

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Shiba Inu’s current price movements reflect a repetition of its 2021 pattern, with analysts anticipating a significant upsurge in the near future.