Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum?
March 31 2024 - 1:30PM
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The $0.00003 price level has remained a critical point for Shiba
Inu in the past few days. A recent market tug-of-war between bulls
and bears has seen the meme coin particularly struggling to hold
above $0.00003 in the past two days. This has led to uncertainty
about the crypto’s direction as we break into a new month as a
breakdown below the figure could lead to an extended price
reversal. Related Reading: From $90 To $400 Litecoin:
Analysts Bullish On LTC Soaring Trajectory However, the majority of
SHIB holders continue to hold onto bullish sentiment as the
cryptocurrency is still doing well in a larger timeframe. This has
led to bullish predictions from crypto analysts. Current
State Of Shiba Inu Shiba Inu is currently trading at $0.0000305, up
by 1.28% in the past 24 hours. Interestingly, the cryptocurrency’s
price movement shows a lackluster action for the majority of the
weekend. This saw it falling to as low as $0.00002958 yesterday.
However, this wasn’t for long, as the cryptocurrency found its way
back above $0.00003 in the hours after, signaling the ongoing fight
between bulls and bears. While the action shows the bulls
might be getting tired in the short term, a larger timeframe
indicates they might still be having the upper hand. This is
because SHIB is still up by 8.60% in the past seven days, reaching
as high as $0.00003253 on March 28. Similarly, the crypto is still
up by 123% in the past 30 days, although it has reversed most of
the gain it saw earlier in the month which saw the bulls pushing to
$0.00004456 for the first time since December 2021. Bitcoin is now
trading at $70.564. Chart: TradingView What’s Next For Shiba Inu?
Shiba Inu’s bullish momentum might have waned from those witnessed
earlier in the month, but some whales have continued accumulating
in anticipation of an uptrend continuation. Crypto analysts have
also predicted a bullish surge in the coming weeks. Crypto analyst
Captain Faibik noted that SHIB is gearing up for another 2X rally.
His prediction is based on a bullish price formation. The
price chart shared by the analyst shows that SHIB is currently
forming a bullish pennant flag pattern. According to Captain
Faibik, a breakout of the flag pattern could see Shiba the
cryptocurrency surging to $0.000058 in April. $SHIB #Shiba another
2x Bullish Rally incoming ✍️ pic.twitter.com/srIRdxAfPm — Captain
Faibik (@CryptoFaibik) March 31, 2024 Related Reading: Buckle Up,
XRP Hodlers: Wild Ride To $100 Incoming, According To This Analyst
Another popular analyst known as Rekt Capital predicted a similar
surge based on history repeating itself. According to him, the
current SHIB action could mirror the one in 2021. All it needs to
do is just break above a major resistance at $0.0000332 before
going on a strong uptrend. Featured image from Pexels, chart from
TradingView
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