The Shiba Inu token, SHIB, is showing signs of a potential rally that could see its price double from the current $0.00001 per token. Analyzing the SHIB price chart reveals a remarkable upswing, with quotes surging by more than 54% since the end of October 2023, marking a significant departure from the prolonged slump witnessed since the close of 2021.
The most intriguing aspect of this resurgence lies in SHIB's ability to break through the previous local top at $0.00001136, established in early August. This development hints at a possible shift in the downward trend that has persisted since October 2021, suggesting a potential increase in the token's value to at least $0.000014, or perhaps even $0.00002 per SHIB.
While past instances of price jumps for SHIB have been followed by downward swings, the current scenario carries unique characteristics. The breaking of the previous local top signifies a departure from historical patterns, injecting a sense of optimism among Shiba Inu enthusiasts.
Will SHIB reach $0.00002 mark?
However, obstacles loom on the horizon. The broader crypto market's overall sentiment plays a crucial role, and SHIB's trajectory is intricately tied to its favorability. Additionally, data from IntoTheBlock reveals that a substantial number of SHIB holders are currently in a loss-making position.
As the token inches toward unprecedented levels not seen in the last two years, there is a likelihood that many long-term holders may seize the opportunity to exit at breakeven or a marginal profit if the price continues to climb.
The road ahead for SHIB remains uncertain, and challenges persist, but the recent developments offer a glimmer of hope for investors. The question on everyone in SHIB army's mind is known.