thecryptobasic.com
If Shiba Inu replicates the 1,076% rally it witnessed from September to October 2021, it can breach its all-time high of $0.00008845 and slip into a price discovery phase.
Amid the ongoing bull market, the leading crypto asset Bitcoin (BTC) has already broken above the previous cycle’s all-time high figure, now trading in a price discovery phase, as it continues to hit new peaks in an attempt to determine its fair market value.
While new entrants such as Flare (FLR) and dogwifhat (WIF) have also reached new highs, most of the altcoins that were around during the 2021 bull run have failed to reclaim the last cycle’s peaks. Shiba Inu is one of these tokens, down 65% from its ATH of $0.00008845.
However, market participants have continued to hope for an eventual surge in Shiba Inu’s value above the ATH when the altcoin season takes full force. Some analysts expect the altcoin season to creep in following the Bitcoin halving slated for next month.
Notably, market veterans believe the Bitcoin halving would further catalyze a full-blown price run for the premier cryptocurrency, eventually precipitating into the rest of the market and kicking off the altcoin season. SHIB investors expect the asset to ride on this projected momentum.
Shiba Inu Price if It Rallies 1,076%
However, the extent of Shiba Inu’s rally remains contested despite the growing optimism. Citing historical data, we evaluated what the value of Shiba Inu could be if the asset replicated a mere fraction of its meteoric surge right before it clinched the $0.00008845 all-time high.
For context, Shiba Inu first recorded its meteoric surge in May 2021. The uptrend cooled in the third quarter of the year, but resumed from September 2021. Upon this resurgence, SHIB spiked from $0.000007520 in September to the $0.00008845 ATH in October 2021. This rise marked a 1,076% increase in 49 days.
During the current market cycle, Shiba Inu has also witnessed an impressive price rally, albeit at a lower rate than what the market observed in 2021. Interestingly, like the 2021 pattern, SHIB has retraced some of the gains recorded from February to March this year.
Following this correction, analysts expect another round of price surges. If the cryptocurrency replicates the 1,076% for this second leg higher, its price will spike from the current value of $0.00003022 to a high of $0.0003022, representing a new all-time high for the token.
However, it remains to be seen if the cryptocurrency can reproduce this price rally. Shiba Inu recently pushed to breach the resistance at $0.000032 but faced opposition that has brought it back to the $0.00003 territory amid a 3.66% decline yesterday. The token trades for $0.00003022.