Shiba Inu price is currently facing significant selling pressure, hovering near its lowest point since February 2024 due to the ongoing crypto and stocks meltdown. The article assesses the possibility of SHIB price rebounding and reaching its all-time high. Technical analysis suggests that for SHiba Inu price to surge back to its all-time high of $0.00008847, it needs to jump by 710% from the current level of $0.00001085. While a 710% jump is possible in the volatile crypto market, technical indicators point to further downside in the coming weeks. The coin recently formed a double-top pattern, indicating a potential drop to its lowest level in May 2021 if it moves below the neckline. However, if SHIB manages to rise above the resistance at $0.00003345, the bearish forecast may be canceled.
For Shiba Inu price to reach a new all-time high, several key conditions need to be met. Firstly, there must be a broader crypto market rally, as SHIB tends to perform well during cyclical bull markets. Secondly, favorable monetary policy in the US, such as a potential interest rate cut by the Fed, could provide a conducive environment for crypto and other risky assets. Thirdly, SHIB needs to surpass key resistance levels, such as the double-top point at $0.00003343, to validate a jump to an all-time high. Additionally, the Shibarium network, which recently crossed the 1 billion milestone, needs to strengthen fundamentally to support the SHIB token. More utility and activity on Shibarium would be bullish for SHIB.
While it is possible for Shiba Inu coin to reach a record high, multiple technical and fundamental conditions must align for this to happen. A broader crypto market rally, a conducive monetary policy environment, and surpassing key resistance levels are essential for SHIB to surge to an all-time high. The Shibarium network also plays a crucial role in supporting the SHIB token, with more activity and utility expected to drive bullish momentum. While the exact timing of a potential rally is hard to predict, the weekly chart suggests that it may take months or even years for SHIB to reach a new all-time high.
In conclusion, the current state of Shiba Inu price indicates that it is facing significant selling pressure and remains far from its all-time high. Technical analysis suggests further downside potential in the short term, with a potential drop to previous lows if key levels are breached. However, the possibility of a rebound to a record high exists, but it depends on several factors such as a broader crypto market rally, favorable monetary policy, and strengthening of the Shibarium network. Investors should monitor these key factors to assess the potential for SHIB price to surge in the future.
