Here’s Where Shiba Inu Price May Land By March End?
Shiba Inu Price: The ongoing correction trend in the crypto market has significantly impacted meme cryptocurrencies evidenced by the notable correction in top assets like Dogecoin, Shiba Inu, Pepe Coin, and BONK. It seems that a steep correction was expected as the last rally left this asset class in an overbought region.
The price drop of Dog-themed memecoin, Shiba Inu, is teasing a breakdown below the $61.8 Fibonacci retracement level, signaling the threat of further downfall.
Also Read: Shiba Inu Team Hints At “Secret” Strategy To Eclipse Dogecoin
Shiba Inu at a Crossroads with Potential for Recovery or Further Downturns
Shiba Inu, the second-largest meme cryptocurrency, has been under a correction trend for the past three weeks, with the price dropping from $0.000045 to $0.0000259, registering a 43% loss.
In the daily chart, this retracement can be followed using a downsloping trendline which acts as a dynamic resistance for buyers. The overhead supply has already plunged the SHIB price below the 50% retracement level- a sign reflecting the weakening bullish momentum.
Recent data from IntoTheBlock reveals a stark divergence in the behavior of Shiba Inu ($SHIB) investors over the last 30 days. Short-term holders, defined as those holding SHIB for less than a month, have dramatically increased their stakes by 64 trillion SHIB, a 278% surge. This spike indicates a growing speculative interest among newcomers or short-term traders betting on quick gains.
In the past 30 days, short-term Shiba Inu owners have increased their holdings by a staggering 64 trillion $SHIB.
According to insights from @intotheblock utilizing the Balance by Time Held metric, Shiba Inu traders with holdings spanning less than a month have seen a… pic.twitter.com/LGtwHkRo6T
— Slim Daddy𓃵 ₿ (@felixreads) March 22, 2024
Conversely, long-term investors, those holding for over a year, have reduced their holdings by 9.07%. This exit from the long holder creates a higher selling pressure for SHIB and the potential for another support breakdown.
Thus, if the sellers break the immediate floor of 61.8% FIB at $0.00002376, the SHIB price may plunge to $0.00001812 by the March end.
However, a potential for renewed recovery will spark if the Shiba Inu price breaks the overhead trendline.
Also Read: BEFE Coin’s Bullish Run: A Sign of Potential SHIBA INU and PEPE COIN-like Success?
Technical Indicator:
Exponential Moving Average: The rising 50-day EMA may offer strength to the support regions at $0.0000237.
Moving Average Convergence Divergence: A wide gap between the MACD(blue) and signal(orange) line reflects an intense correction trend in this memecoin.
The post Here’s Where Shiba Inu Price May Land By March End? appeared first on CoinGape.
Filed under: News - @ January 1, 1970 12:00 am