Can SHIB Price Reach $0.00001 Again?
A drop below the 50% Fibonacci retracement level suggests a weakening in bullish momentum for Shiba Inu coin. However, if there is a bullish breakout from the overhead trendline, it could indicate the end of the correction. The current intraday trading volume for SHIB is $141.5 million, showing a 29% loss.
The ongoing correction in SHIB’s price is being monitored through two downsloping trendlines that act as dynamic resistance and support levels. While reaching the 61.8% Fibonacci retracement level indicates some weakness in bullish momentum, there is a bullish-flag pattern that suggests a positive sentiment toward recovery.
If this pattern holds true, a breach of the overhead trendline could signal a continuation of the bullish trend. A daily candle closure above this trendline may intensify buying pressure and potentially propel the price by 40% toward the upper trendline of a longstanding wedge pattern at $0.00001058.
This wedge pattern has been influencing SHIB’s price for over 500 days, highlighting its significance. Therefore, a bullish breakout above this pattern becomes crucial for a trend reversal.
SHIB vs DOGE Performance
When analyzing the 3-month price behavior of Dogecoin (DOGE) and Shiba Inu (SHIB) during the October-November rally, both cryptocurrencies experienced significant growth. However, SHIB has faced setbacks in the current crypto market downturn, characterized by lower lows and lower highs. As a result, Dogecoin seems to have a better chance of a strong rebound if overall market sentiment improves.
- Relative Strength Index: The daily RSI hovering around the 50% mark indicates a neutral sentiment in the market.
- Exponential Moving Average: Both the 50-day and 100-day EMAs provide additional support during the current correction, potentially helping stabilize the price.
Hot Take: SHIB Correction and Recovery
The correction in SHIB’s price has been ongoing for nearly three weeks, with a drop from its high of $0.00000965 to the current trading value of $0.00000815. The correction’s duration and potential recovery depend on various factors such as market sentiment, bullish breakout possibilities, and trendline breaches. Traders and investors should closely monitor these technical indicators to gauge when SHIB might regain its previous level of $0.00001 or potentially experience further growth.
By
By
By
By
By