Shiba Inu (SHIB) 250% Needed to Reach ATH

BOBOMURODOV MANSUR 승인 2024.11.12 09:49 의견 0


Even with the recent strong rally, Shiba Inu still has a long way to go before hitting its all-time high (ATH).

To reach its ATH level, which it last reached at the height of the last bull market, SHIB would need to see a further 250% price increase.

Given the renewed interest in altcoins and favorable market conditions, this ambitious goal might not be unachievable, but it will take a lot of momentum.

Examining the price chart of SHIB, it is evident that recent bullish activity has raised the token above a number of significant moving averages, a positive technical indicator that frequently signals additional upward movement.

In particular, SHIB is now getting close to resistance around its current high levels after managing to break through the 50-day and 100-day EMAs.

Prior to the next leg up, there may need to be some consolidation or a slight pullback, as the RSI indicator is also in overbought territory.

SHIB must hold support levels around the most recent breakout points, especially close to $0.000021, if it is to continue on its recovery path.

It might continue to draw buying interest if it can stay above this range. A key psychological level and a significant step on the path to its ATH, $0.000030, is where additional price targets are located.

Strong market sentiment and perhaps additional external catalysts, like more on-chain activity or encouraging developments in the larger cryptocurrency space, are necessary for achieving a 250% rise to reclaim its all-time high.

SHIB's recent breakout is encouraging, though, and if the altcoin growth trend continues, it may pave the way for a significant recovery.

Investors will be keeping an eye on SHIB for the time being to see if it can sustain its growing momentum and get closer to its ATH.

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