Will Shiba Inu Price Rally Surpass $0.00005 Barrier in March?

Shiba Inu Price: The Bitcoin price reversal from the new All time high of $69000 has weakened recovery momentum in the broader market. The overhead supply sparked fresh corrections in altcoins including the popular meme coin Shiba inu. In the last four days, the SHIB price witnessed a drop from $0.0000456 to $0.0000292 accounting for a 35% drop. Will this correction prolong in March or buyers take control again?

Also Read: Shiba Inu: SHIB’s 2 Tln Move Sparks Speculations, Price To Reach $0.0001?

Shiba Inu’s New Address Surge Highlights Investor Confidence

The last two weeks have been a blessing for meme holders as the sector outperformed the broader market with a robust recovery trend. The meme cryptocurrencies like Dogecoin, Shiba Inu, Pepe Coin, Bonk, and Floki witnessed triple-digit gains marking a notable change in the market dynamics.

The second largest memecoin Shiba Inu jumped from $0.00000934 to $0.0000456, registering a growth of 389%. However, with the Bitcoin price reverting from $69000, the SHIB price witnessed a temporary pullback to hit $0.00003.

According to the latest data from the cryptocurrency analytics firm IntoTheBlock, Shiba Inu has had a dynamic start to March, seeing a sharp increase in activity with more than 8,400 new addresses created each day. 

The peak activity saw as many as 21,000 new daily addresses, marking a nearly twentyfold rise from the daily average recorded in February. This uptick signals a growing interest and engagement within the Shiba Inu community.

Shiba Inu kicks off March with a bang, attracting over 8.4k new addresses daily & peaking at 21k new daily addresses – nearly 20x February’s daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio

— IntoTheBlock (@intotheblock) March 7, 2024

Also Read: Shiba Inu Coin Price Forecast: SHIB’s Climb To $0.0001 Imminent Amidst Meme Coins Rally?

Healthy Retracement Hints Shiba Inu Price Rally to $0.00005?

An analysis of the daily time frame chart shows the Shiba Inu price rebounded from the $0.00003 support with a morning star candle. This reversal pattern after a healthy retracement bolsters buyers to recuperate the exhausted bullish momentum and return on the recovery trend. The post-correction rally may prolong the recovery trend to $0.00004, followed by $0.000054

Technical Indicator:

• Bollinger Band: Despite the overhead supply, the rising upper boundary of the Bollinger band indicator indicates the buyers are the key driving force of the current price momentum
• Average Directional Index: The ADX rising at 55% hints the SHIB price would need a minor pullback to regain strength.

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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.