As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve learned to take every price movement with a grain of salt. The recent surge and subsequent retracement of Shiba Inu has once again reminded me that even the most volatile coins can teach us valuable lessons about resilience and adaptability.
TL:DR;
- Shiba Inu surged on Sunday but retraced hard on Monday, alongside the rest of the market.
- However, certain analysts believe this could be the calm before the storm, and they even envision a new all-time high for the popular meme coin.
SHIB’s Monday Downfall
Yesterday, it was reported that CryptoPotato highlighted the price growth trends for the second-largest meme coin. At that time, SHIB was leading among larger-cap altcoins with a 15% increase within a 24-hour period. This boost propelled SHIB to its highest point since March of this year, exceeding $0.000033.
On Monday, I found myself in the midst of a significant shift within the crypto sphere. Several assets experienced a steep decline, and Bitcoin was no exception. In fact, its value dropped from roughly $98,000 to below $95,000. This downward spiral appears to be due to some large-scale investors (referred to as ‘whales’) possibly offloading their holdings, contributing to the market turbulence.
The primary token of Shiba Inu experienced a decline of approximately 10% on a daily basis, dropping below $0.00003. Yet, well-known analyst Diamond-Hands suggests that the correction for SHIB might have ended, and the asset appears ready to embark on another upward trend starting from this point.
Correction done on $SHIB
WE MIGHT GET ANOTHER WAVE UP FROM HERE #ShibaInu
— DIAMOND-HANDS (@TamngwaB) December 2, 2024
Ali, a recognized expert in technical analysis, foresees the potential of this asset reaching approximately 0.000037 cents. He maintains this projection as long as the asset stays above its significant support level of 0.000025 cents, a threshold that remains intact for now.
Indeed, some Shiba Inu (SHIB) focused webpages remain quite optimistic about the coin’s potential performance in the upcoming period. They often emphasize the possibility of hitting a fresh record high. For SHIB to achieve this feat, its value would need to nearly triple from its current price, given that its all-time high (ATH) is $0.00008616 as per CoinGecko’s data.
Major Strength
Javon Marks shared with his approximately 50,000 followers on X platform that the weekend’s rally of the meme coin suggested another bullish trend, hinting at its possible continued participation in the bull market. The analyst emphasized that the price level of $0.000081 is still relevant, suggesting that SHIB might soon reach or even surpass its previous all-time high (ATH).
Following a recent confirmation of a bullish trend, Shiba Inu (SHIB) appears poised to become an even more significant player in the ongoing market rally, as its price is exhibiting strong and robust growth.
If the price continues to stay within the current range, it suggests that the previous target of $0.000081 may yet remain valid. These levels could potentially be influenced by further…
— JAVONMARKS (@JavonTM1) December 1, 2024
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2024-12-02 20:42