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Henry Kanapi
2 weeks, 5 days ago

Trader Says Shiba Inu May Be Repeating 2021 Bull Market Pattern, Updates Outlook on Solana and Dogecoin

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A crypto strategist who accurately called the latest Bitcoin (BTC) correction says the top meme token Shiba Inu (SHIB) may be mirroring a pattern last seen during the 2021 bull market.

Pseudonymous analyst Rekt Capital tells his 436,200 followers on the social media platform X that SHIB is in the process of retesting its weekly support level at $0.0000279.

According to the crypto strategist, SHIB retested the same price area in the last market cycle before witnessing rallies to its all-time high of $0.0000861.

“SHIB ultimately reached the blue resistance but rejected from it.

In late 2021, SHIB also wasn’t able to break blue resistance on the first attempt.

In fact, in late 2021 that blue resistance rejection forced SHIB to retest the orange level as new support (orange circle) before confirming further upside.

Right now, SHIB is in the process of a retest of the orange level once again.

Could history be repeating itself?

At time of writing, SHIB is worth $0.000028.

Next up, the trader says the smart contract platform Solana (SOL) has flipped resistance at $175 into support.

“The Solana retest is still in progress and still successful.”

At time of writing, SOL is worth $185.24.

As for SHIB rival Dogecoin (DOGE), Rekt says the altcoin may be in the midst of printing a bullish continuation pattern on the weekly chart after breaching a multi-month diagonal resistance.

“Dogecoin perfectly retested the macro downtrend once again, rebounding +38% since the new macro uptrend has been fully confirmed.

And if Dogecoin continues to hold these highs, it may very well develop a bull flag here.”

At time of writing, DOGE is trading for $0.173.

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