Is a Déjà Vu Rally on the Horizon?

The Shiba Inu (SHIB) team has sparked excitement with a cryptic tweet, saying, “The stars are aligned,” suggesting the market might be witnessing a déjà vu moment.

While history may not repeat itself, the Shiba Inu community believes the similarities in current market conditions point toward a positive shift for the token.

Shiba Inu Price Prediction

CryptooELITES, a crypto analyst, echoed this sentiment by outlining their price targets for SHIB against USDT: 0.000085171, 0.000183312, and 0.000472905. Their analysis suggests that as Bitcoin’s dominance decreases, Shiba Inu may gain upward momentum.

The chart shows the possibility for SHIB to break past its previous highs, particularly following a pullback. On a weekly timeframe, SHIB’s chart shows the formation of a “cup and handle” pattern, often seen as a bullish ongoing setup.

After reaching its previous highs, SHIB experienced a pullback, now holding near key Fibonacci levels, around the 0.618 and 0.786 retracement zones.

These levels typically act as support areas, where the price could rebound if the trend continues upward. If the price stays above these levels, SHIB could move toward the 1.272 Fibonacci extension level, estimated at 0.000183312.

Price Action and Market Data

As of press time, SHIB was priced at $0.00002836, an increase of 1.52% over the past day. Despite this positive movement, the trading volume has decreased by 26.64%, now at $830.84 million.

This decrease in volume suggests that investor caution remains as the token’s circulating supply continues to hover close to its total supply of 589.5 trillion tokens.

Moreover, analyzing SHIB’s short-term movements with the MACD and RSI indicators shows a period of consolidation. The MACD line is slightly above the signal line, reflecting a mild bullish bias, but the momentum remains weak.

Read also: Shiba Inu Surges 208% in 2024: Analysts See Top 10 Potential

Meanwhile, the RSI stands at 47.81, close to neutral, signaling market indecision. If the RSI moves above 50, it could indicate growing bullish sentiment. However, if it drops below 40, further downside risk may emerge.