Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum?

In the last few days, the price of Shiba Inu at $0.00003 has been pivotal. The market has experienced intense battles between bulls and bears, causing the meme coin to have a hard time staying above this level in the past two days. Consequently, there is now apprehension about the cryptocurrency’s future trajectory as we enter a new month. A fall below $0.00003 could trigger a significant price downturn.

Despite the fact that most SHIB investors remain optimistic about the future, with the cryptocurrency performing well in the long term perspective, crypto experts have made bullish forecasts as a result.

Current State Of Shiba Inu

The price of Shiba Inu is at present $0.0000305, representing a 1.28% increase over the past 24 hours. Notably, its price action in the weekend was rather uneventful, with the cryptocurrency dipping as low as $0.00002958 at one point.

Despite a brief dip below $0.00003, the cryptocurrency quickly rebounded within hours, indicating continuous struggle between market bulls and bears.

In the short term, the bulls’ actions suggest they may be growing weary. However, over a longer period, such as the past week, SHIB has gained 8.60%, peaking at $0.00003253 on March 28. This implies that the bulls might still be in control of the market trend.

In the last thirty days, the crypto value has risen by 123%. However, much of those gains have been lost as the crypto price had surged earlier in the month to hit $0.00004456 for the first time since December 2021. Now, it has retreated from that peak.

Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum?

What’s Next For Shiba Inu?

Shiba Inu’s bullish push may have slowed down compared to earlier in the month, but some large investors, known as “whales,” are still buying, hoping for a continuation of the upward trend. Cryptocurrency experts believe that SHIB will experience a significant price increase in the near future. Analyst Captain Faibik, in particular, anticipates a 2X surge based on positive price indicators.

Based on the analysis presented in the price chart, SHIB is presently developing a bullish pennant shape. As per Captain Faibik’s prediction, if this pattern breaks out, Shiba’s cryptocurrency value could potentially reach $0.000058 by April.

$SHIB #Shiba another 2x Bullish Rally incoming
— Captain Faibik (@CryptoFaibik) March 31, 2024

Rekt Capital, a well-known analyst, believes that based on historical patterns, SHIB‘s current behavior could resemble its 2021 performance. For this to happen, SHIB merely needs to surmount the significant hurdle at $0.0000332 before experiencing a robust upward trend.

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2024-03-31 20:46