Bitcoin
BTC$68 608.23

-0.84%

Ethereum
ETH$2 448.10

-1.53%

Tether
USDT$0.999662

-0.01%

Binance Coin
BNB$555.93

-2.00%

Solana
SOL$161.56

-2.35%

USD Coin
USDC$1.000302

0.03%

Shiba Inu in danger of topping signal as SHIB price loses 50% in 3 weeks


25 Nov 2021

#SHIBA INU

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.

“Buying the dips”

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.

Bullish technical outlook

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.


Related

Who Owns the Most Shiba Inu Coin?
Who Owns the Most Shiba Inu Coin?
SHIB price eyes 30% drop with Shiba Inu's massive triangle breakdown underway
SHIB price eyes 30% drop with Shiba Inu's massive triangle breakdown underway
AMC to accept Dogecoin, Shiba Inu online payments soon
AMC to accept Dogecoin, Shiba Inu online payments soon
Brothers who made millions on Shiba Inu back new metaverse game
Brothers who made millions on Shiba Inu back new metaverse game
Libertex adds a hot CFD pair as the crypto dog fight hots up
Libertex adds a hot CFD pair as the crypto dog fight hots up
Shiba Inu, Dogecoin, Cardano, and More Crypto in FBS
Shiba Inu, Dogecoin, Cardano, and More Crypto in FBS
One million Shiba Inu users can't be wrong... can they?
One million Shiba Inu users can't be wrong... can they?
Shiba Inu the largest ERC-20 holding among ETH whales
Shiba Inu the largest ERC-20 holding among ETH whales
Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October
Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 79.2% 37 $68 608.23 -0.84% 1.21% $1 356 887 447 259 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 89.2% 19 $2 448.10 -1.53% -1.99% $294 782 281 097 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999662 -0.01% 0.10% $120 535 994 188 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 3 $555.93 -2.00% -5.45% $80 109 056 681 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 68% 62 $161.56 -2.35% -8.19% $76 063 490 496 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000302 0.03% 0.04% $34 905 663 417 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 93.2% 6 $0.502965 -1.45% -2.39% $28 602 928 230 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 74 $0.149623 -5.27% 5.31% $21 941 273 326 DOGE 7 days price change
9 TRON (TRX) TRX TRON predictions 93.6% 3 $0.165213 -0.11% 0.93% $14 282 926 429 TRX 7 days price change
10 Toncoin (TON) TON Toncoin predictions 88.4% 14 $4.82 -1.08% -3.01% $12 265 270 064 TON 7 days price change
11 Cardano (ADA) ADA Cardano predictions 89.2% 9 $0.332460 -3.90% -2.17% $11 634 443 599 ADA 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 91.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 90.8% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 83.2% 30 $0.000017 -3.46% -2.07% $9 876 043 432 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.