skip to Main Content
bitcoin
Bitcoin (BTC) $ 100,258.86 4.64%
ethereum
Ethereum (ETH) $ 3,155.93 5.82%
xrp
XRP (XRP) $ 2.96 5.52%
tether
Tether (USDT) $ 0.999689 0.03%
solana
Solana (SOL) $ 231.16 10.67%
bnb
BNB (BNB) $ 655.82 4.89%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.324939 8.66%
cardano
Cardano (ADA) $ 0.912419 7.26%
staked-ether
Lido Staked Ether (STETH) $ 3,153.31 5.80%

Here’s Why Shiba Inu’s (SHIB) 10% Daily Correction Could be Good News: Analysts

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

CryptoPotato reported yesterday the positive price developments around the second-biggest meme coin. At the time, SHIB was the top performer from the larger-cap alts, having surged by over 15% on a 24-hour scale. As a result, SHIB skyrocketed to its highest levels since March this year of over $0.000033.

However, the entire crypto landscape changed on Monday, with many assets plunging hard. Bitcoin, for example, dumped from over $98,000 to under $95,000 amid some potential profit taking from whales.

Shiba Inu’s largest native token was not spared either, dumping by nearly 10% on a daily scale to well below $0.00003. However, popular X analyst Diamond-Hands noted that SHIB’s correction could be over now, and the asset seems primed for a new wave up from this point.

Ali, another well-known technical analyst, has $0.000037 in sight and believes the asset could reach that level as long as it remains above the crucial support at $0.000025, which still holds.

Naturally, there are certain SHIB-related pages that continue to be highly bullish about the asset’s perspective in the near future, highlighting the potential of reaching a new all-time high. To do so, SHIB would need to triple its price from its current levels as its ATH stands at $0.00008616, according to CoinGecko.

Major Strength

Javon Marks told his nearly 50,000 followers on X that the meme coin’s rally over the weekend had confirmed “another bull pattern,” which shows its potential to be “further joining the bull show.” As such, the analyst noted that $0.000081 is still in play, meaning that SHIB could soon indeed target that aforementioned ATH.

The post Here’s Why Shiba Inu’s (SHIB) 10% Daily Correction Could be Good News: Analysts appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top