- Shiba Inu breaks downtrend amid broader crypto market recovery led by Bitcoin.
- Historical data suggests potential 53%-72% rally following breakout.
In a recent comprehensive analysis by Crypto Rand, a distinguished figure in the realm of cryptocurrency education and trading, Shiba Inu (SHIB) has been spotlighted for its bullish breakout amid a broader resurgence in the crypto market.
This resurgence is notably led by Bitcoin’s (BTC) recovery, setting the stage for altcoins like Shiba Inu to capitalize on the renewed market optimism.
$SHIB looking amazing here after the bullish breakout: pic.twitter.com/NpaKJCYdKG
— Crypto Rand (@crypto_rand) February 9, 2024
Shiba Inu’s Bullish Breakout
Shiba Inu, a meme coin that has captured the attention of the crypto community, showcased significant momentum breaking out of a downtrend that had constrained its market performance since December 2023.
The downtrend initiated after Shiba Inu peaked at $0.00001195 on December 17, 2023, a high point reached amidst a broader market uptrend in the third quarter of the same year.
Despite the market’s subsequent loss of steam, which saw SHIB collapse from this peak, the cryptocurrency has been trading below this downward trendline, struggling against resistance on several occasions.
However, the tide began to turn with the onset of February. The crypto asset recorded bullish intraday gains of 2.26% and 1.66% on February 7 and 8, respectively. This positive momentum was further solidified with an additional 1.95% increase, culminating in a closing price of $0.00000939.
These consecutive gains have not only set the foundation for a significant breakout but also marked Shiba Inu’s successful bid to establish itself above the critical $0.000009 threshold.
Historical Patterns and Future Expectations
This recent breakout is not an isolated event but part of a recurring pattern observed in Shiba Inu’s trading history. According to Crypto Rand’s charts, Shiba Inu has navigated similar downtrends in the past year.
For instance, a downtrend that began in February 2023, after the token fell from a high of $0.00001575, was eventually overcome by June 2023, leading to a rally of 53% to a high of $0.00001136 in August 2023.
A subsequent drop and recovery pattern resulted in a 72.6% surge to $0.00001195 in December 2023, following the break of the second downtrend in October 2023.
Drawing from this historical context, expectations are now set for a similar price surge, potentially ranging from 53% to 72%. At the time of writing, the price of SHIB had fallen 2.18% in the last 24 hours, fell to price of $0.000009291. But, this represents an increase of 3.63% over the past 7 days.