As Shiba Inu (CRYPTO: SHIB) approaches its historical peaks, cryptocurrency analysts are examining its potential to reach new highs.

What Happened: Pseudonymous cryptocurrency Rekt Capital on Tuesday said on X, “SHIB is up almost +400% from the initial post. Can you believe it isn’t that far away from old all-time highs? Only two major black resistances left before new All Time Highs $SHIB just needs to rally an extra +120% from here to reach new All-time Highs and complete its Macro U-Shaped Cup formation.” 

The noted resistances for SHIB, according to the analysts are at $0.000047 and $0.000067, respectively.

Another pseudonymous crypto analyst Daan Crypto Trades said that “$SHIB Catching up to $DOGE (CRYPTO: DOGE) again. On-chain there is a lot more craziness even but wanted to just highlight the biggest few on here.”

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: This prediction comes as Shiba Inu saw an increase, overtaking the market capitalizations of established technology firms like Zoom, Snap, eBay, and MicroStrategy.

Oscar Ramos, an investor and analyst, expressed a strong conviction in an X (formerly Twitter) post that Shiba Inu’s price could rise to $0.0001, eliminating one zero from its current pricing. 

Ramos assigns a 100% probability to this outcome within the 2024 bullish cycle. His predictions are rooted in SHIB’s historic surge to nearly $0.00008 in October 2021. “I believe $0.0001 #SHIB is 100% Happening for Shibtoken,” he said.

Price Action: At the time of writing,  SHIB was trading at $0.000037, down a 4.99% decrease over the last 24 hours.

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