Shiba Inu (SHIB) has shown tremendous momentum recently and has emerged as one of the best-performing cryptocurrencies in light of the general optimism that has gripped the cryptocurrency market in the past week.
It may be possible to reach a Shiba Inu worth $0.000066 in a short time
With the price of the Shiba Inu rising in the past few days, the cryptocurrency asset has received a lot of attention from investors with many experts predicting it to rise to new highs.
In the same vein, cryptocurrency analyst and investor Rekt Capital shared his optimistic expectations for the Shiba Inu with the cryptocurrency community on the social media platform
Rekt Capital's analysis confirms the potential for digital assets to rise to a level not seen in more than two years. The cryptocurrency analyst noted that SHIB has reached a resistance he called “black resistance,” which he previously dismissed.
As a result, the meme must now “hold the blue level” marked in its chart as new support in order to create a “new re-accumulation range at likely highs.” As a result, the expert expects the price of the Shiba Inu to rise to the $0.000066 price level soon.
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The Shiba Inu arrived at the black resistance rejected by SHIB. SHIB now needs to hold this blue level as new support to develop the new re-accumulation range at the highs.
Rekt Capital also highlighted another of its previous predictions, where it expected the coin to reach the aforementioned price mark. Initially, Rekt Capital noticed that the asset had reached the blue resistance point.
Furthermore, he confirmed that SHIB has risen by over 300%, since the initial publication in November last year. In the post, the analyst claimed that SHIB reclaimed the top of the orange zone as support.
Therefore, SHIB should be able to return to the top of the “black market structure over time.” However, he currently expects the Shiba Inu to see a rally after it concludes a “total U-shaped reversal.”
SHIB is expected to see a potential recovery
Amid the recent bearish sentiment in the market, Santiment – a cryptocurrency analytics platform, has identified SHIB as one of the leading assets poised for a potential recovery.
Data from Santiment shows that SHIB and dogwifat (WIF) are the main currencies that traders expect to see a rebound. This comes after a wild day that saw Bitcoin reach a new peak before markets went into 'reset mode'.
Santiment has also emphasized the “speculative uptrend” for Solana (SOL) stock recently. This is a result of speculation surrounding the possibility of Solana reaching the $1,000 threshold.
SHIB at the time of writing was trading at $0.00003155, indicating a 13% decline in the past day. At the same time, market capitalization and trading volume decreased by 13% and 62%, respectively.
