Shiba

Kusama

Bitcoin

Convergence

Shiba Inu

<img width="1200" height="675" src="https://coingape.com/wp-content/uploads/2024/02/shiba-inu-SHIB.jpg.optimal-e1708019280683.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Shiba Inu Price: <a href="https://coingape.com/markets/shiba-inu-price-eyes-rally-to-0-00005-after-this-final-pullback/">Shiba Inu</a>, the second-largest meme cryptocurrency, began a corrective trend in the second week of February, with its price retracting from the $0.000045 level. This shift was propelled by a decline in the Bitcoin price below $70,000, and Shiba Inu subsequently hitting a low of $0.0000238, marking a 47% decrease. This downturn hints at a potential fall below the 50% retracement, suggesting the asset may be gearing up for additional downfall. 
Also Read: <a href="https://coingape.com/shiba-inu-coin-shytoshi-kusama-unveils-groundbreaking-update-shiba-eternity/">Shiba Inu Coin: Shytoshi Kusama Unveils Groundbreaking Update For ‘Shiba Eternity’</a> 
<h2 id="b-will-shib-price-lose-0-000025-to-current-correction-b">Will SHIB Price Lose $0.000025 to Current Correction?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/r/rXHp8Yy2.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Shiba Inu Price| Tradingview
 </figcaption>
</figure> 
Amid the February-March recovery trend in the crypto market, meme cryptocurrencies emerged as the outperforming sector, with assets like Shiba Inu, Dogecoin, Pepe Coin, and Bonk witnessing triple-digit gains. 
<blockquote>
 From a late February low of $0.00000935, the SHIB price rallied nearly 388% to hit a high of $0.0000456. However, the overextended rally coupled with the new correction in Bitcoin price triggered a notable pullback in Shiba Inu.&nbsp;
</blockquote> 
This retracement can be traced using a downsloping trendline, acting as a dynamic resistance against buyers. With an intraday gain of 7.83%, the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> rebounds to $0.00002745 preparing another breakout attempt from the overhead trendline at the $0.00003 mark.&nbsp; 
This potential encounter stands as a pivotal level for traders as a reversal or breakout from the trendline could notably impact Shiba Inu’s near future movement. A potential reversal from the resistance trendline may extend the Shiba Inu correction to $0.0000215.&nbsp; 
Also Read: <a href="https://coingape.com/shiba-inu-community-burns-25-mln-coins-what-next-for-shib/">Shiba Inu Community Burns 25 Mln Coins, What’s Next For SHIB?</a> 
<h2 id="b-will-shiba-inu-price-bounce-back-b">Will Shiba Inu Price Bounce Back?</h2> 
With the recent price jump, the <a href="https://coingape.com/shiba-inu-whale-dumps-1-tln-shib-price-takes-bearish-turn-what-next/">SHIB coin</a> is trying to reclaim its position above the 50% retracement level. The price sustainability above this level would indicate the memecoin buyers still have a firm grip over this asset and can provide a suitable entry opportunity for newcomers.&nbsp; 
A potential breakout about the upper will signal the continuation of the recovery trend and may offer buyers an opportunity to surpass the last swing high of $0.000045 and surpass the $0.00005 milestone. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Super Trend: A green film in the daily chart projects the overall trend in Shiba Inu remains bullish.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal lines reflects the seller’s drive for the near-term trend.</li> 
</ul> 
The post <a href="https://coingape.com/markets/is-this-the-final-dip-before-shiba-inu-price-surpass-0-00005/">Is This the Final Dip Before Shiba Inu Price Surpass $0.00005?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Is This the Final Dip Before Shiba Inu Price Surpass $0.00005?

Table of Contents

Coingape News Media

Other articles published on Mar 17, 2024

Solana Price Rally Leads Cryptocurrency Market Rebound

Fantom Falls 10% in One Day: Is $1.4 Too Low for FTM?

Bitcoin Stumbles as AVAX and Other Altcoins Experience Market Pressure

Ethereum Dencun: ‘Ton of use cases’ or ‘not a big deal’?

Meme Coin Whale Started to Take Profit from FLOKI

Binance To Tighten Token Listing Requirements, Jeopardizing Profitability

Join our free newsletter for daily crypto updates!