Shiba Inu Coin Price: Is This SHIB’s Final Correction Before Surpassing $0.00005?
Highlights
- A downsloping trendline leads to the current correction trend in SHIB price.
- The coin price sustainability above the 50% correction level indicates the buyer remains a dominating force in this asset.
- The 24-hour trading volume on the Shiba Inu is at $24.5 Billion with an 84% gain.
Shiba Inu Coin Price: SHIB is down 9% on the day to trade at $0.000026 on Monday. Like its meme coin peers, Shiba Inu was significantly affected by the bearish wave in the market over the weekend when Bitcoin tumbled to $66,000. Although the technical outlook has changed since Sunday, with the second-largest meme coin stabilizing, traders are still unsure whether to buy the dip immediately or wait until Shiba Inu reaffirms the new uptrend.
Besides, this downturn hints at a potential fall below the 50% retracement, suggesting the asset may be gearing up for additional downfall.
Will SHIB Price Lose $0.000025 to Current Correction?
Amid the February-March recovery trend in the crypto market, meme cryptocurrencies emerged as the outperforming sector, with assets like Shiba Inu, Dogecoin, Pepe Coin, and Bonk witnessing triple-digit gains.
From a late February low of $0.00000935, the SHIB price rallied nearly 388% to hit a high of $0.0000456. However, the overextended rally coupled with the new correction in Bitcoin price triggered a notable pullback in Shiba Inu.
This retracement can be traced using a downsloping trendline, acting as a dynamic resistance against buyers. With an intraday gain of 7.83%, the Shiba Inu price rebounds to $0.00002745 preparing another breakout attempt from the overhead trendline at the $0.00003 mark.
This potential encounter stands as a pivotal level for traders as a reversal or breakout from the trendline could notably impact Shiba Inu’s near future movement. A potential reversal from the resistance trendline may extend the Shiba Inu correction to $0.0000215.
Will Shiba Inu Coin Price Bounce Back?
With the recent price jump, the SHIB coin is trying to reclaim its position above the 50% retracement level. The price sustainability above this level would indicate the memecoin buyers still have a firm grip over this asset and can provide a suitable entry opportunity for newcomers.
A potential breakout about the upper will signal the continuation of the recovery trend and may offer buyers an opportunity to surpass the last swing high of $0.000045 and surpass the $0.00005 milestone.
Technical Indicator:
- Super Trend: A green film in the daily chart projects the overall trend in Shiba Inu remains bullish.
- Moving Average Convergence Divergence: A bearish crossover between the MACD and signal lines reflects the seller’s drive for the near-term trend.
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