Shiba Inu (SHIB) Eyes a New All-Time High: Is the Surge Just Getting Started?

By Robin Wigglesworth

Shiba Inu (SHIB) has once again captivated the crypto world with its dramatic weekend surge. After skyrocketing to its highest level since March this year, SHIB faced a sharp pullback on Monday. The question now on everyone’s mind is: Could this be the calm before the storm, with a potential new all-time high on the horizon? Let’s break it down.

SHIB’s Weekend Surge and Monday Setback

Over the weekend, Shiba Inu showed remarkable strength, climbing more than 15% in a single day. This pushed the price of SHIB to its highest level since March, briefly crossing the $0.000033 mark. At the time, it was the top performer among large-cap altcoins—a strong indication that the meme coin still had plenty of energy left in its tank.

However, as is often the case in the volatile world of cryptocurrencies, the bullish momentum didn’t last. On Monday, the entire market saw a major retracement. Bitcoin, for instance, experienced a sharp drop from over $98,000 to just under $95,000. As a result, Shiba Inu wasn’t immune to the broader market correction, with its price plunging nearly 10% in just 24 hours, dipping back below $0.00003.

Despite the setback, certain analysts are maintaining a bullish outlook, suggesting that this pullback could be nothing more than a temporary correction before the next major upward move.

Analysts Predict SHIB Could Reach New Heights

While some market observers might see the Monday downturn as a cause for concern, others are seeing it as an opportunity. Analysts like Diamond-Hands are calling for a potential reversal, claiming that SHIB could be preparing for another explosive rally. According to their analysis, the correction could be over, with the meme coin primed for a fresh surge in the coming days.

Ali, another well-known technical analyst, has set his sights on the $0.000037 level. He suggests that SHIB could easily reach that price if it remains above the crucial support level of $0.000025, which continues to hold strong. Ali’s optimism is grounded in the belief that Shiba Inu’s recent price action is part of a broader upward trend.

Moreover, certain SHIB-focused communities continue to show immense confidence in the asset’s long-term prospects. The discussion is rife with speculation about SHIB potentially reaching a new all-time high—something that would require the token to triple in value from its current price.

Could SHIB Really Hit $0.00008616 Again?

Shiba Inu’s all-time high (ATH) sits at $0.00008616, a level reached earlier this year. To surpass that milestone, SHIB would need to see a massive surge—one that some analysts think is entirely possible. For instance, popular crypto analyst Javon Marks, who has nearly 50,000 followers on X (formerly Twitter), shared that the weekend rally confirmed the formation of a “bull pattern,” signaling that SHIB might be gearing up for a more sustained bull run.

Marks believes that if the momentum continues, SHIB could target the $0.000081 level—a significant resistance point. Reaching that level would bring SHIB dangerously close to its ATH, and further bullish moves could potentially push the meme coin to new all-time highs.

The Path to $0.00008616

For Shiba Inu to reach its previous ATH, several factors would need to align. It’s clear that SHIB would need to continue outperforming in the market, maintain strong investor sentiment, and hold critical support levels. However, as always with meme coins, volatility and unpredictability are constant companions.

Yet, one thing is certain: Shiba Inu has proven time and time again that it has the potential to surprise. Whether or not it can achieve a new all-time high is still to be seen, but the momentum seems to be building in its favor.

Conclusion:

As SHIB’s market action continues to evolve, both bullish and bearish sentiments are intertwined. While recent price drops have triggered caution, many believe that Shiba Inu is merely setting the stage for the next big rally. Only time will tell if SHIB can make its way to a new all-time high, but for now, it remains one of the most captivating assets in the crypto market. Keep an eye on those support levels and watch for signs of a new bull wave—because when it comes to SHIB, the ride could get a whole lot wilder.