The cryptocurrency market has started to rise with a new upward move. Leading crypto Bitcoin managed to rise above 70 thousand dollars again. Meanwhile, altcoins also made investors happy with strong increases. A crypto analyst who correctly called the latest Bitcoin correction says that popular meme coin Shiba Inu (SHIB Coin) reflects a pattern we last saw during the 2021 bull market. The analyst is also updating his outlook for SOL and DOGE.
Rekt Capital: Is history repeating itself for SHIB Coin?
cryptokoin.comAs you follow from , excitement has come to the market again. Bitcoin and many altcoins moved north with strong increases. Analyst pseudonymous Rekt Capital says SHIB Coin price is in the process of retesting the weekly support level at $0.0000279. According to the analyst, SHIB Coin retested the same price area in the last market cycle before witnessing its rise to an all-time high of $0.0000861. In this context, the analyst makes the following statement:
SHIB eventually reached blue resistance but was rejected from there. At the end of 2021, SHIB could not break the blue resistance in its first try. In fact, the rejection of blue resistance in late 2021 forced SHIB to retest the orange level as new support (orange circle) before confirming further upside. Currently, SHIB is in the process of testing the orange level once again. Could history be repeating itself?
Meanwhile, SHIB Coin was trading at $0.00003038 at the time of writing. The token increased by over 9% on its daily chart with the influence of the positive atmosphere in the market.
“LEFT turned $175 resistance into support!”
The analyst next looks at smart contract platform Solana (SOL). Rekt Capital says SOL has turned resistance at $175 into support. In this regard, the analyst said, “The Solana retest is still ongoing and still successful.” says.
Meanwhile, SOL was changing hands at $192 at the time of writing. The token saw a 1.3% rise on its daily chart.
According to the analyst, DOGE may develop a bull flag!
Finally, the analyst discusses SHIB Coin rival Dogecoin (DOGE). Rekt Capital says the altcoin is in the middle of a bullish continuation pattern on the weekly chart after breaking through a multi-month diagonal resistance. In this context, the analyst makes the following statement:
Dogecoin has once again tested the macro downtrend perfectly and has rebounded +38% since the new macro uptrend was fully confirmed. If Dogecoin continues to maintain these highs, it could develop a bull flag here.
Meanwhile, at the time of writing, DOGE was trading at $0.1813. The popular meme coin is up around 3.5% on its daily chart.
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