MEXCShiba Inu Price Sees 15% Drop Amid Overhead Supply, Buy this Dip?
Highlights
- An established uptrend frequently experiences brief periods of consolidation to gather strength for further upward movement.
- The SHIB price correction above 50% FIB level reflects the overall trend remains bullish.
- The 24-hour trading volume on the Shiba Inu is at $2.3 Billion with a 9.8% gain.
Shiba Inu Price: SHIB, the popular Dog-themed cryptocurrency witnessing waning bullish momentum at $0.000045 resistance. The daily candle with long-tail rejection indicates the profit booking from short-term traders and bolstering a new correction trend in the Shiba inu coin. However, with Bitcoin reaching new peaks, there’s potential for memecoin enthusiasts to gather momentum and prepare for the next upswing.
Also Read: Shiba Inu Weekly Burn Soars 9K% As 14 Mln SHIB Burnt Amid Recent Developments
Healthy Retracement Sets SHIB Price For Higher Rally
Over the last two weeks, the meme cryptocurrency sector has emerged as outperforming the asset class, showing over triple digital gains in top tokens like Dogecoin(DOGE), Shiba Inu (SHIB,), Pepe coin (PEPE), Floki, and Bonk.
Analyzing the daily chart shows the Shiba Inu price surged from $0.00000934 to $0.0000456, registering 388% growth. However, the newfound supply pressure at this high triggered an immediate reversal in this memecoin and plunged to a $0.0000341 price value.
This long-tail rejection candle indicates a profit booking from a short-term trader which may encourage a minor correction in the SHIB price. The pullback wavering above the 38.2% Fibonacci retracement level reflects that the buyers still hold a firm grip over this asset.
This ongoing consolidation should assist the SHIB buyers to replenish the exhausted bullish momentum and prepare for the next upswing.
For buyers, a breakout immediate resistance of $0.000037 would be an early sign of renewed recovery, while a breakout above $0.0000456 will give the necessary confirmation.
However, as per the Fibonacci retracement level, the current correction trend may face demand pressure at $0.00003178, and $0.00002747 marks as they align with 38.2% and 50% FIB levels respectively.
Technical Indicator:
- Moving Average Convergence Divergence: A bearish crossover between the MACD(orange) and signal(blue) indicates the SHIB price enters an active correction trend.
- Exponential Moving Average: A 50 EMA slope of 4hr chart provides suitable support for buyers to maintain a recovery trend.
- Bitcoin Slumps Below $108K, Will Crypto Market Crash on Hindenburg Omen Jitters?
- XRP ETF Launch Within Days Marks Big Win for Ripple, Nate Geraci Says
- Trader Predicts Dogecoin November Breakout as Murad’s Memecoin Holdings Drop 59% to $27.5 Million
- Whales Open $71 Million ASTER Short After CZ’s “Buy and Hold” Reveal
- Expert Warns XRP Investors of “ Extremely Mediocre” Growth Next to Solana’s 100x Activity Surge
- ZKsync Price Surges 90% on Vitalik’s Comments: What’s Next?
- $100K or $125K? Crypto Analysts Split on Bitcoin Price Prediction Despite U.S.–China Trade Deal
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
