- Shiba Inu’s price drop below key support levels reflects the broader cryptocurrency downturn and aligns with altcoin market trends.
- Despite the bullish pennant pattern’s promise of potential gains, Shiba Inu’s value plummeted due to high market volatility.
- Industry experts maintain a positive outlook on Shiba Inu, speculating a recovery to significantly higher price points post-market correction.
Shiba Inu (SHIB) has experienced significant fluctuations, aligning with the broader altcoin market trends. Since April 8, a downturn has gripped the crypto market, leading to notable price declines across various digital currencies. Shiba Inu, a popular meme coin, has not been spared. It has witnessed a drop below critical support levels, with its value currently trading around $0.000022.
On April 9, MBM Crypto, a renowned market analyst, identified a bullish pattern which caused the descent. Shiba Inu had experienced a drop to $0.000045 on March 5 but later formed a bullish pennant on the 6-hour chart, which indicated the possibility of upward movements. This pattern remained consistent for five weeks but failed to break out upwards due to mounting market pressures.
Initially, MBM Crypto had posited that an upward breakout might occur if the market correction subsided, suggesting a target entry price of $0.0000301 for investors. He predicted this level could catalyze a move past the upper trendline of the pennant. The analyst set subsequent price targets at $0.0000313, $0.0000328, and $0.0000348, which corresponded to the high from March 14.
Despite these projections, increased selling pressure across the market led to SHIB breaking below the bullish pennant on April 12, when it fell under $0.000026. This movement was contrary to the typical outcomes of bull pennants, which generally anticipate upward breakouts.
The support zone identified by analysts, ranging between $0.00002446 and $0.00002670, was also breached during this downturn. This breach has raised concerns regarding the coin’s ability to regain its projected high of $0.0000348. Nonetheless, current chart indicators suggest that SHIB is undervalued, with its Commodity Channel Index (CCI) at 118.30 and Relative Strength Index (RSI) at 39.51, indicating potential for recovery.
Open Interest in the coin has seen a notable increase, indicating a resurgence of investor attention. Industry experts remain optimistic, forecasting a recovery for SHIB with potential price targets reaching as high as $0.0001. Some analysts even speculate that SHIB could escalate to $0.001 post-Bitcoin halving.
Amid the ongoing turbulence in the cryptocurrency market, the prospects of Shiba Inu are closely monitored by investors and market analysts. This meme coin has attracted much attention lately due to its potential to rebound and overcome the current market trends. As the market continues to evolve, many are eager to see if Shiba Inu can continue to defy the odds and realize its upward potential.
