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.
저작권자 ⓒ 블록테크미디어, 무단 전재 및 재배포 금지