Shiba Inu (SHIB) has been recovering from the massive sell-off in crypto over the last few days. The coin looks like it has some significant upside and could outperform other major coins on its road to recovery. More price analysis to come later but first, key developments:
SHIB has gained around 3% over the last 24 hours, outperforming most major coins
The meme coin had lost nearly 40% of its value over the last 7 days alone
But a quick reversal that pushes SHIB up by at least 35% is plausible
Data Source: Tradingview
Shiba Inu (SHIB) – Why bulls are confident
The beginning of May has not been good for crypto. The market has generally dropped, and SHIB was not spared. The coin lost around 40% of its value in the last 7 days. However, there is a good opportunity for a quick rebound and a trend reversal that could push the price higher.
In fact, this will not be the first time this has happened. After dropping to $0.0000135 at the start of May, SHIB recovered very fast. The trend reversed in less than 12 hours, where SHIB gained around 30%. In the process, a swing high of $0.0000179 was set.
Ever since the meme coin has established a range of between $0.0000135 and $0.0000179. At the moment, SHIB is at the upper side of that range at $0.00001591. We expect SHIB to surge even further in the coming days.
Can SHIB reclaim its all-time highs this year?
The volatility we have seen in the broader crypto market has been very persistent. Every time the market recovers, we end up seeing another sell-off shortly after. It is therefore unlikely that SHIB will regain its all-time highs this year.
But this does not change the positive outlook for the meme coin. There is still an opportunity for relatively better gains before 2022 is out.
The post Shiba Inu (SHIB) could surge by 35% despite bearish sentiment in the market appeared first on Coin Journal.