Why a slow descent for Shiba Inu is likely after 355% rally
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 1 Year for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 75% OFF!
Grab this special offer, it's 1 Year for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- Shiba Inu price registered a 354% gain between February 27 and March 4 after breaking out of its 652-day consolidation.
- SHIB has already shed 42% and is currently trading at $0.0000264.
- Investors can expect the meme coin to drop another 32% and retest $0.0000178.
Shiba Inu (SHIB) price consolidation from May 13, 2022, ended on February 27, 2024, when SHIB saw a massive breakout rally. However, as investors continue to book profits, a slow bleed seems likely for the meme coin.
Also read: Shiba Inu holders take profits, pushing SHIB price nearly 45% below its 2024 peak
Shiba Inu price ready to slide lower
Shiba Inu price surged 354% between Feburary 27 and March 4, ending its two-year consolidation. While this move might seem impressive to new investors, meme coins, especially Dogecoin (DOGe) and SHIB, tend to do this more often.
The Shiba Inu price action noted a four-month consolidation in 2021, which ended in October 2021, as SHIB rallied 1,162%. What’s interesting is not the impulsive move but the price action that ensued—a slow bleed, where SHIB undid all the gains in the next eight months.
If history repeats, a similar price action could unfold for Shiba Inu price after the 354% rally. Therefore, investors should note that SHIB could drop at least 30% and retest the range high of $0.0000178.
It wouldn’t be surprising if Shiba Inu price flips the aforementioned level and tags the range’s midpoint at $0.0000125. This correction, however, would constitute a 52% decline.
Read more: Shiba Inu Price Prediction: SHIB might drop 10% for a liquidity sweep before next leg up
SHIB/USDT 3-day chart
On the contrary, Shiba Inu price could bounce off the range high at $0.0000178 and kickstart another leg up. This move would align with the broader market sentiment, which is bullish and invalidate the deeper correction outlook noted above.
- Shiba Inu price registered a 354% gain between February 27 and March 4 after breaking out of its 652-day consolidation.
- SHIB has already shed 42% and is currently trading at $0.0000264.
- Investors can expect the meme coin to drop another 32% and retest $0.0000178.
Shiba Inu (SHIB) price consolidation from May 13, 2022, ended on February 27, 2024, when SHIB saw a massive breakout rally. However, as investors continue to book profits, a slow bleed seems likely for the meme coin.
Also read: Shiba Inu holders take profits, pushing SHIB price nearly 45% below its 2024 peak
Shiba Inu price ready to slide lower
Shiba Inu price surged 354% between Feburary 27 and March 4, ending its two-year consolidation. While this move might seem impressive to new investors, meme coins, especially Dogecoin (DOGe) and SHIB, tend to do this more often.
The Shiba Inu price action noted a four-month consolidation in 2021, which ended in October 2021, as SHIB rallied 1,162%. What’s interesting is not the impulsive move but the price action that ensued—a slow bleed, where SHIB undid all the gains in the next eight months.
If history repeats, a similar price action could unfold for Shiba Inu price after the 354% rally. Therefore, investors should note that SHIB could drop at least 30% and retest the range high of $0.0000178.
It wouldn’t be surprising if Shiba Inu price flips the aforementioned level and tags the range’s midpoint at $0.0000125. This correction, however, would constitute a 52% decline.
Read more: Shiba Inu Price Prediction: SHIB might drop 10% for a liquidity sweep before next leg up
SHIB/USDT 3-day chart
On the contrary, Shiba Inu price could bounce off the range high at $0.0000178 and kickstart another leg up. This move would align with the broader market sentiment, which is bullish and invalidate the deeper correction outlook noted above.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.