A crypto analyst is suggesting that the Shiba Inu (SHIB) token may be following a similar pattern to the 2021 bull market. The analyst notes that SHIB is currently retesting its weekly support level, which it did in the previous market cycle before experiencing significant rallies. The analyst points out that SHIB faced rejection at a particular resistance level in the past, similar to what happened in late 2021. This rejection forced SHIB to retest a lower support level before confirming a further upside. Currently, SHIB is in the process of retesting this support level once again. The analyst wonders if history is repeating itself. SHIB is currently valued at $0.000028.
The analyst also updates the outlook on two other cryptocurrencies. They mention that the smart contract platform Solana (SOL) has successfully turned a resistance level at $175 into support. The retest of this support level is ongoing, and SOL is currently valued at $185.24. In addition, the analyst suggests that Dogecoin (DOGE) may be forming a bullish continuation pattern on the weekly chart. DOGE recently breached a multi-month diagonal resistance and rebounded by 38% since the new uptrend was confirmed. If DOGE continues to hold its current highs, it could potentially develop a bull flag. DOGE is currently trading at $0.173.