The meme cryptocurrency is hinting at undergoing a price rebound as it paints a classic bullish continuation setup. Meme-cryptocurrency Shiba Inu (SHIB) has lost more than 50% of its market valuation in three weeks since its all-time highs in late October. SHIB’s price dropped to as low as $0.00004251 on Nov. 19 after correcting by almost 55% from its all-time high of $0.00008854. Its price recovered a small portion of its losses on Friday, but the move looked indecisive due to weaker trade volumes — i.e., few traders supported the rebound trend.
Some analysts noted that a sharp pullback in the SHIB market was unavoidable after its price had skyrocketed by more than 1,100% since Oct. 1. For instance, an independent market analyst, under the pseudonym John Wick, called SHIB’s ongoing price correction a “topping signal,” thus suggesting additional selloffs in the sessions ahead.
Price swings of 50% or more are not too uncommon in the cryptocurrency market. For example, Bitcoin (BTC) had plunged from around $65,000 to below $30,000 in less than 30 days earlier this year. But later, BTC rebounded to establish a new record high at $69,000. At the core of Bitcoin’s volatile rebound was a well-circulated narrative that projected it as a hedge against rising inflation all across the world. Meanwhile, for Shiba Inu, the core bullish narrative remains “community,” as stated by one of the coin’s most popular endorsers, David Gokhshtein.
The founder of Gokhshtein Media and CEO of PAC Protocol reminded that Shiba Inu’s bullish performance this year has come on the back of strengthening community support and despite the absence of major endorsements by celebrities and billionaires.
Gokhshtein tweeted Friday, asking his followers who among them is “buying the dips,” thus also reiterating his faith in a potential SHIB price rebound even after a 50%-plus price correction.
Shiba Inu’s ongoing price correction had it trend lower inside what appeared like a bull flag range, raising possibilities that the coin would continue its move higher in the future. In detail, bull flags occur as a brief pause in the trend after a strong price move higher.
The pattern looks like a downward sloping channel/rectangle represented by two parallel falling trendlines. Typically, bull flags result in the price breaking out of the upper trendline to levels at length equal to the height of the previous uptrend (called a flagpole).
With that said, SHIB’s next attempt to break above its flag’s upper trendline, if accompanied by a rise in trading volume, could result in a price leg higher toward $0.00010000.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||88%||21||$19 083.51||-1.06%||1.40%||$365 781 815 743|
|2||ETH||Ethereum predictions||60.8%||83||$1 281.89||-2.22%||-1.23%||$157 194 265 600|
|3||USDT||Tether predictions||95.2%||1||$1.000050||0%||0%||$67 952 795 097|
|4||USDC||USD Coin predictions||96%||1||$1.000020||0.01%||0%||$47 326 491 868|
|5||BNB||Binance Coin predictions||90.8%||14||$285.57||1.14%||4.15%||$46 073 556 698|
|6||XRP||XRP predictions||57.2%||86||$0.453299||-4.55%||-8.26%||$22 619 945 926|
|7||BUSD||Binance USD predictions||92.8%||1||$1.000118||0.11%||0.06%||$21 044 705 794|
|8||ADA||Cardano predictions||78%||41||$0.422139||-2.00%||-5.32%||$14 459 594 259|
|9||SOL||Solana predictions||80.4%||27||$32.15||-1.56%||-0.56%||$11 427 909 285|
|10||STETH||Lido stETH predictions||90.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||DOGE||Dogecoin predictions||90.4%||14||$0.059515||-1.94%||-2.79%||$7 895 849 620|
|12||DOT||Polkadot predictions||63.2%||71||$6.19||-1.35%||-0.33%||$6 947 808 682|
|13||DAI||Dai predictions||92.4%||1||$0.999786||0.03%||0.03%||$6 830 875 509|
|14||MATIC||Polygon predictions||70.8%||64||$0.767118||-0.22%||4.02%||$6 700 252 529|
|15||WTRX||Wrapped TRON predictions||92%||5||$0.060883||0.66%||2.30%||$6 190 317 836|
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