Shiba Inu (SHIB) just recorded its highest weekly trading volumes since the climax of 2021’s historic crypto bull market. This surge is possibly signaling the start of a new market cycle, according to prominent analyst Alan Santana. He points towards the previous parabolic “bull run” phase, where similar interest later triggered SHIB up to its all-time high.
After spending most of 2023 consolidating under $0.000010, Shiba Inu recently staged a jaw-dropping breakout beyond $0.000045, representing 4.5x returns within a few weeks. This vertical trajectory points toward a bullish resurgence as investors pile back into one of crypto’s most popular meme coins.
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Supporting the rally is Shiba Inu’s relative strength index (RSI) moving into extremely overbought territory above 80, indicating a surge among buyers fighting to accumulate tokens.
Santana shares two targets for Shiba Inu
Santana initially set two lofty upside targets for this renewed SHIB mania: firstly at $0.0000565 to capture 158% gains from current levels, and then a breach on SHIB’s record near $0.00014 for 542% profits.
However, he recently closed that bullish setup after SHIB topped out around $0.000049 and slid 13% amidst immense profit-taking. Warning signs show the RSI remaining overheated along with record exchange whale deposits, signaling their intent to sell into market FOMO.
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While proud SHIB holders hope this breakout kicks off the next great meme coin crusade toward new highs, volatility historically flows both ways after such vertical moves. Traders should watch whether SHIB stabilizes around the $0.0000365 support level with bulls defending that zone, or risks further drawdowns if weak hands join the selling spree.
According to CoinMarketCap data, Shiba Inu is trading at $0.00003176, with a 13% surge in value over the last 24 hours. The surge in funding and the drop in BTC’s value after it hit a new all-time high caused a sudden dip in altcoin value. However, SHIB could surge if BTC gains momentum.
