Shiba Inu Price Correction and Potential Downfall
In the second week of February, Shiba Inu, the second-largest meme cryptocurrency, experienced a corrective trend. This was triggered by a decline in the price of Bitcoin, which caused Shiba Inu to drop to a low of $0.0000238, marking a 47% decrease. This downward movement suggests that there may be further losses ahead for the asset.
February-March Recovery Trend in Meme Cryptocurrencies
During the recovery trend in the crypto market between February and March, meme cryptocurrencies emerged as the top performers. Assets like Shiba Inu, Dogecoin, Pepe Coin, and Bonk saw triple-digit gains during this period.
Shiba Inu’s price rallied nearly 388% from a low of $0.00000935 in late February to a high of $0.0000456. However, the overextended rally combined with the correction in Bitcoin’s price led to a significant pullback in Shiba Inu.
This pullback can be seen through a downsloping trendline, which acts as a resistance against buyers. The current price rebounded to $0.00002745 with an intraday gain of 7.83%, indicating another breakout attempt from the overhead trendline at the $0.00003 level.
The breakout or reversal from this trendline will have a significant impact on Shiba Inu’s future movement. If there is a reversal from the resistance trendline, it could lead to further correction towards $0.0000215.
Will Shiba Inu Price Recover?
The recent price jump in SHIB coin is an attempt to reclaim its position above the 50% retracement level. Sustaining the price above this level would indicate that memecoin buyers still have control over the asset and could provide a good entry opportunity for new investors.
A breakout above the upper trendline would signal the continuation of the recovery trend and could potentially push the price past the previous swing high of $0.000045 and even reach the $0.00005 milestone.
Technical Indicators
- Super Trend: A green film on the daily chart suggests that the overall trend for Shiba Inu remains bullish.
- Moving Average Convergence Divergence (MACD): The bearish crossover between the MACD and signal lines indicates that sellers are driving the near-term trend.
Conclusion: Will SHIB Price Fall Below $0.000025?
Shiba Inu’s corrective trend and potential downfall are influenced by various factors, including Bitcoin’s price movement and market sentiment towards meme cryptocurrencies. While there is a possibility of further correction towards $0.0000215, a breakout above the resistance trendline could lead to a recovery and push the price higher.
Hot Take: Stay Alert for Shiba Inu Price Movement
As a crypto investor, it’s important to stay updated on the latest developments and price movements of Shiba Inu. Keep an eye on the key levels mentioned in this article, such as the 50% retracement level and the resistance trendline. These levels will provide important signals for potential entry or exit points in the market.
By
By
By
By
By
By