Is This the Final Dip Before Shiba Inu Price Surpass $0.00005?

Shiba Inu Price: Shiba Inu, the second-largest meme cryptocurrency, began a corrective trend in the second week of February, with its price retracting from the $0.000045 level. This shift was propelled by a decline in the Bitcoin price below $70,000, and Shiba Inu subsequently hitting a low of $0.0000238, marking a 47% decrease. This downturn hints at a potential fall below the 50% retracement, suggesting the asset may be gearing up for additional downfall.

Also Read: Shiba Inu Coin: Shytoshi Kusama Unveils Groundbreaking Update For ‘Shiba Eternity’

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. 

Also Read: Shiba Inu Community Burns 25 Mln Coins, What’s Next For SHIB?

Will Shiba Inu 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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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.