A crypto strategist who precisely referred to as the most recent Bitcoin (BTC) correction says the highest meme token Shiba Inu (SHIB) could also be mirroring a sample final seen throughout the 2021 bull market.
Pseudonymous analyst Rekt Capital tells his 436,200 followers on the social media platform X that SHIB is within the strategy of retesting its weekly help degree at $0.0000279.
In accordance with the crypto strategist, SHIB retested the identical value space within the final market cycle earlier than witnessing rallies to its all-time excessive of $0.0000861.
“SHIB in the end reached the blue resistance however rejected from it.
In late 2021, SHIB additionally wasn’t capable of break blue resistance on the primary try.
In actual fact, in late 2021 that blue resistance rejection compelled SHIB to retest the orange degree as new help (orange circle) earlier than confirming additional upside.
Proper now, SHIB is within the strategy of a retest of the orange degree as soon as once more.
May historical past be repeating itself?
At time of writing, SHIB is value $0.000028.
Subsequent up, the dealer says the good contract platform Solana (SOL) has flipped resistance at $175 into help.
“The Solana retest remains to be in progress and nonetheless profitable.”
At time of writing, SOL is value $185.24.
As for SHIB rival Dogecoin (DOGE), Rekt says the altcoin could also be within the midst of printing a bullish continuation sample on the weekly chart after breaching a multi-month diagonal resistance.
“Dogecoin completely retested the macro downtrend as soon as once more, rebounding +38% because the new macro uptrend has been absolutely confirmed.
And if Dogecoin continues to carry these highs, it could very effectively develop a bull flag right here.”
At time of writing, DOGE is buying and selling for $0.173.
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