Shiba Inu (SHIB) Poised for Potential 2021-Style Rally, Says Expert

Expert Patrick Schmitt posits that Shiba Inu (SHIB) may repeat its 2021 market surge. Currently trading at $0.00001261, with a volume spike of 56.8%, SHIB’s recent performance suggests potential for a rally similar to April 2021, where it soared 5,933%. Current market conditions reflect a stillness reminiscent of 2021, with indications of renewed investor interest, particularly amidst political shifts favouring cryptocurrency.

The Shiba Inu (SHIB) token has made headlines due to its remarkable price increase, which expert Patrick Schmitt believes could herald a resurgence in cryptocurrency interest similar to the explosive events of 2021. Currently, SHIB is trading at $0.00001261, showing a volume increase of 56.8% to $146.72 million, highlighting renewed trading activity in the asset as investors consider its potential.

Historically, SHIB’s price skyrocketed by 5,933% in April 2021, reversing the then-stagnant market trend. At the beginning of that month, SHIB traded at $0.000000060, reaching a peak of $0.00000362 by April 19. This unprecedented growth reinvigorated the market, attracting retail investors and facilitating record highs for numerous cryptocurrencies, with SHIB ultimately peaking at $0.00008845 by October 2021.

According to Schmitt, current market conditions bear similarities to early 2021. Bitcoin has fluctuated between $84,000 and $88,000 recently, while SHIB has remained relatively stable near $0.000012. Despite the quiet market, signs of potential upward movement are noted, with political developments fostering anticipation for crypto adoption.

Schmitt is cautious yet optimistic, suggesting that SHIB could once again lead a rally in this evolving landscape. Although the conditions have changed since 2021, he posits that historical patterns may repeat, hinting that Shiba Inu could once again trigger substantial market activity.

In terms of current performance, SHIB reports a 3.02% increase in value over the past 24 hours, with a week-on-week uptick of 2.64%. A trader identified as “RJT. WAGMI” indicated bullish momentum as SHIB rebounded from a support level of $0.00001209, reaching a daily high of $0.00001271. If SHIB maintains levels above $0.00001260, potential upward targets include $0.00001350 and $0.00001400, though falling below $0.00001200 could hinder progress.