<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/senior-crypto-trader-suggests-btc-may-repeat-2018-pattern-as-meme-coins-dip/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senior Crypto Trader Suggests BTC May Repeat 2018 Pattern as Meme Coins Dip</a><br></p>
<p style="text-align: justify"><a href="https://coin-turk.com/kidemli-kripto-trader-btc-2018-yilindaki-hareketini-tekrar-ediyor-kripto-paralar-yukselecek-mi" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cryptocurrency</a> markets’ ongoing correction trend has notably affected leading meme tokens such as <strong><a href="https://coin-turk.com/vakit-geldi-dogecoin-alinir-mi-guncel-doge-yorumlari" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin</a> (<a href="https://coin-turk.com/uzun-vadeli-bakildiginda-bu-saka-coin-meydan-okuyor" data-wpel-link="internal" rel="noopener noreferrer nofollow">DOGE</a>),</strong> <a href="https://en.coin-turk.com/shiba-inus-rising-popularity-and-token-burn-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba</a> Inu (<a href="https://en.coin-turk.com/shiba-coin-price-prediction-what-lies-ahead-for-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SHIB</a>), Pepe Coin (PEPE), and BONK. Experts suggest a steep correction may be expected as the recent rally left this class of tokens in an overbought zone.</p>
<h2 id="resistance-levels-in-shib">Resistance Levels in SHIB</h2>
<p style="text-align: justify">The popular meme token Shiba Inu’s price drop could indicate a decline below the $61.8 Fibonacci retracement level, signaling the threat of further losses. Shiba Inu, the second-largest meme cryptocurrency, has been under a correction trend for the past three weeks, with its price dropping by 43% from $0.000045 to $0.0000259. On the daily chart, this retracement can be tracked using a downward trend line that serves as dynamic resistance for buyers. The overall supply has already pushed the SHIB price below the 50% retracement level, which could be a sign reflecting weakening bullish momentum.</p>
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-331997 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/shib-1.jpg" alt="" width="1162" height="383"></p>
<h2 id="long-term-outlook-for-shib">Long-Term Outlook for SHIB</h2>
<p style="text-align: justify">In contrast, long-term investors who have held their tokens for over a year have reduced their holdings by 9.07%. This exit from the long-term holders could create higher selling pressure for SHIB and the potential for breaking another support level. Therefore, if sellers surpass the 61.8% FIB base at $0.00002376, the SHIB price could drop to $0.00001812 by the end of March. However, if the Shiba Inu price breaks the general trend line, a renewed recovery potential could emerge.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/senior-crypto-trader-suggests-btc-may-repeat-2018-pattern-as-meme-coins-dip/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senior Crypto Trader Suggests BTC May Repeat 2018 Pattern as Meme Coins Dip</a></h5>

Senior Crypto Trader Suggests BTC May Repeat 2018 Pattern as Meme Coins Dip

Table of Contents

COINTURK NEWS

Other articles published on Mar 22, 2024

Analysts Predict Brighter Horizons for Binance Coin Despite Market Challenges

BlockDAG's Presale Attracts Nearly $7M Amid Bitcoin's Upcoming Halving and Surges in Chainlink an...

Top 3 Crypto Predictions for 2024 As Altcoins Are on The Verge of Breakout

Oxford University Joins EU-Funded ZEBAI Project to Revolutionize Zero-Emission Building Design

Rapid DePIN scaling and the path to exponential Minutes Network growth

Ethereum Struggles with Key Price Barriers

Join our free newsletter for daily crypto updates!