- Schmitt sees SHIB primed for a 2021-style rally amid similar market conditions.
- Rising volume and bullish signals are boosting trader confidence in SHIB.
- Holding above $0.00001260 could push SHIB toward $0.00001400.
London based crypto investor Patrick Schmitt was bold enough to project that even as Ethereum’s bear run appears to keep on the verge, Shiba Inu (SHIB) could soon be repeating its dramatic 2021 rally that managed to spark a bigger bull market. In an X post, Schmitt remembered how SHIB, four years ago, came back with great fervour during the time market spurred into stagnation, which resulted into a pull that directly touched the whole crypto space.
In April 2021, the crypto market had been slowing down. However, major players Bitcoin showed little movement and investor sentiment was becoming a little cautious. SHIB, however, nonetheless managed to break through the noise. In just three weeks it jumped from $0.000000060 on Apr. 1 to $0.00000362 on Apr. 19, that is, 5,933% gain, deleting more than two decimal places.
Retail investor momentum picked up; the growth spurred a resurgence. After, other digital assets had something similar, with Shiba Inu reaching $0.00008845 by October 2021. In the same year, Ethereum also mimicked this upward movement by setting a new all-time high of $4,891 in November.
Market Parallels Drawn to 2021 Conditions
Schmitt says current market dynamics are very reminiscent of 2021. Over the past fortnight, Bitcoin has been consolidating between $84,000 and $88,000 and SHIB remains stagnant near $0.000012 with no major price breakouts. While quiet, Schmitt and other market watchers think it could take Root to another Shiba rally similar to that which saw the token fly high.
At present, the political landscape is among the variables to be considered. Donald Trump of the United States has announced policies that will encourage people to adopt crypto. Despite great anticipation for these developments, to date there hasn’t been anything substantial in price action.
Schmitt stopped short from declaring that this time around SHIB will definitively trigger the cycle, but he stressed that there could be another wave of history made in a new form. Regarding SHIB’s potential to spark a major market rally, he said: “Even while the metrics and the conditions have certainly changed since 2021, things can repeat themselves.”
Traders Renewed Optimism on the Back of Shiba Inu’s Price Uptick
The Shiba Inu (SHIB) is back in the crypto market, changing hands at $0.00001261 after a volume of $835,260,332 in the past 24 hours currently. Over the course of the last week, the meme inspired token has appreciated 2.64 percent. SHIB’s volume pulling up by 56.80% on a single day to its trading volume of $146.72 million confirms that most investors are becoming interested in SHIB.
RJT, a crypto trader emphasized market sentiment as he did in previous events. Flagged bullish technical indicators for the token, they are WAGMI. The trader says that SHIB just bounced from its support at $0.00001209 and is now on a new high of $0.00001271 for a day. A strengthening upward trend is indicated by the fact that the price action is forming higher lows and higher highs, the trader said.
SHIB’s price recovery still appears likely if it can stay above $0.00001260, and $0.00001350 looks on the cards. Indeed, buying pressure could continue and the token may remain pretty close to the $0.00001400 level. Nevertheless, a dip below the $0.00001200 token might make it difficult for the ongoing bullish momentum to continue and stoke further growth.
