Will SHIB Price Extend Correction to $0.000007?
The ongoing correction in Shiba Inu coin is taking the shape of a bullish flag pattern. Despite the decline, the coin’s price is still above the 50% Fibonacci retracement level, indicating that the overall uptrend remains intact. However, the intraday trading volume for Shiba Inu has seen a 61% loss, standing at $118.5 million.
The Shiba Inu price has seen a slight increase of 0.6% today, bringing it closer to retesting the upper boundary of the flag pattern. However, historical analysis suggests that breaching this trendline is often met with resistance, leading to a retreat towards the lower trendline.
Given Bitcoin’s struggle to break through the $38,000 mark and prevailing market uncertainty, there is a possibility of a decline in SHIB price by approximately 14%, targeting a value of $0.00000715.
During this potential descent, there may be intermediate support levels at $0.00000806 and $0.00000761. On the other hand, breaking above the upper trendline is crucial for a bullish scenario. If successful, it could propel the SHIB price towards higher goals, such as $0.00001 and then $0.000011.
SHIB vs DOGE Performance
A comparison between Dogecoin and Shiba Inu reveals that both meme cryptocurrencies have experienced significant recoveries. However, SHIB seems to be facing a steeper correction with lower lows and highs. In contrast, Dogecoin has shown a stronger rebound and is poised to surpass its previous swing high.
- Exponential Moving Average: The struggle of Shiba Inu price to sustain above the 200-day EMA indicates negative sentiment among market participants.
- Vortex indicator: A bearish crossover between the VI+ (blue) and VI- (orange) slopes indicates that sellers have the upper hand.
Hot Take: Will SHIB Price Continue Its Correction?
The ongoing correction in the Shiba Inu coin raises concerns about its future trajectory. While the bullish flag pattern suggests a potential upward breakout, the resistance faced at the upper trendline remains a significant obstacle. Additionally, prevailing market uncertainty and Bitcoin’s struggle may contribute to further downward pressure on SHIB price. If the correction continues, we could see a decline towards $0.000007, with intermediate support levels at $0.00000806 and $0.00000761. However, breaking above the upper trendline would shift the momentum in favor of buyers, opening up the possibility of higher price targets. The performance of SHIB relative to DOGE highlights the challenges faced by the former in its recovery journey.
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