The cryptocurrency market has few stablecoins and is changing dramatically. Shibu Inu is experiencing a sharp drop, unable to overcome the $0.0000328 resistance level and getting lower because of the general market correction. This resulted in a 20% depreciation of its weekly value, a drop to $0.0000262 like that. Analysts think that Shiba Inu will face a decline in the near term.
Due to this decline, there are signs of imminent revival. Shiba Inu, famous as the world’s major meme coin, started a correction period in the first week of March after being removed from the $0.0000456 resistance line. This, consequently, took the price down by 42.8% compared to the previous month, going to levels even below the 20-day Exponential Moving Average (EMA) and 50% Fibonacci retracement level.
The latest price movement has produced a lower high of $0.00003285, which indicates that traders may sell on rallies in the uptrend. Shiba Inu is trading at $ 0.000026, suffering a minimal intraday decline and heading to the significant support cluster at $ 0.0000237 and the 61.8% Fibonacci retraction. A breakout of this support should only take the market to $0.00002; thus, the movement is between 3.5% and 14%.
Still, the short-term analysis shows a bullish momentum. Such price momentum usually signals a consolidation period before a possible upward move, giving investors hope. Further, the latest reports from a crypto analytics firm, IntoTheBlock, show an all-time high surge in a meme coin market cap, exceeding $56 billion and demonstrating the rising popularity of meme coins in the cryptocurrency sphere.
A break out of the current price action could indicate a bullish trend resumption for investors without investments in the meme coin. It could propel Shiba Inu towards reaching its previous high price of $0.0000456. From a technical viewpoint, the previous crash below the 20-day EMA suggests the possibility of a short-term transition to the bearish pattern. Moreover, the Relative Strength Index (RSI), below the 50% mid-value level, will help sellers dominate the market.
Within the highly volatile crypto market range, the recent movements of Shiba Inu, a cryptocurrency, reveal a rather complex picture. While near challenges still exist, the underlying pervasive patterns and market hints of improving sentiments occurring in this period may signal potential opportunities that should be monitored seriously by professional traders as well as newcomers into the crypto space.
Source: https://www.cryptonewsz.com/shiba-inu-price-correction-looms-but-bullish-signs-emerge/