Shiba

Burn

Shiba Inu

<img width="1280" height="853" src="https://coingape.com/wp-content/uploads/2024/03/shiba-budz.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/03/shiba-budz.jpg 1280w, https://coingape.com/wp-content/uploads/2024/03/shiba-budz-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/shiba-budz-1224x816.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/shiba-budz-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/shiba-budz-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2024/03/shiba-budz-272x182.jpg 272w" sizes="(max-width: 1280px) 100vw, 1280px">
The March-end recovery in <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> failed to break past the $0.0000328 barrier amid the broader market correction. The bearish downturn plunged the coin value to $0.0000262, registering a 20% weekly loss. This retracement phase led by a downsloping trendline hints the SHIB price is poised for further downfall.&nbsp; 
Also Read: <a href="https://coingape.com/shiba-inu-coin-shib-burn-shoots-4000-signals-price-recovery-ahead/">Shiba Inu Coin: SHIB Burn Shoots 4000%, Signals Price Recovery Ahead?</a> 
<h2 id="b-shiba-inu-s-pennant-pattern-suggests-imminent-upswing-beyond-0-000026-b">Shiba Inu’s Pennant Pattern Suggests Imminent Upswing Beyond $0.000026</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/1/1s8A2Xhe.png" alt="BINANCE:SHIBUSDT Chart " width="1814" height="836">
 <figcaption class="wp-caption-text">
 Shiba Inu Price Trading view
 </figcaption>
</figure> 
 <a href="https://coingape.com/shiba-inu-emerges-as-top-traded-crypto-on-wazirx-in-india/">Shiba Inu</a>, the second largest meme cryptocurrency entered a correction trend in early March as the price reverted from $0.0000456 resistance. Within a month, the asset lost 42.8% in value and tumbled below the 20-day EMA and 50% retracement level. 
The downturn recently projected its first lower high formation at $0.00003285 indicating the traders are selling this asset at a bullish bounce. The <a href="https://coingape.com/shiba-inu-news-three-new-whales-scoop-184-billion-shib-big-rally-ahead/">SHIB</a> price currently trades at $0.000026 with an intraday loss of 1.1% heading to the combined support of $0.0000237 and 61.8% Fibonacci retracement level. 
<blockquote>
 However, a breakdown below this support may tumble the price another 14% to hit $0.00002. However, an analysis of the 4-hour chart shows this correction is actively resonating within two converging trendlines, indicating the formation of a bullish pennant pattern.
</blockquote> 
This chart setup represents a minor pullback for buyers to regain their strength before the next leap. Moreover, a crypto analytics firm IntoTheBlock, recently reported that the market cap for meme coins has soared to over $56 billion, marking a new high.&nbsp; 
Despite their volatile nature, meme coins are becoming more prominent in the crypto market, reflecting a shift in investor sentiment that’s worth monitoring. 
Thus, for sidelined buyers, a breakout above the pennant pattern will signal the resumption of the prevailing uptrend. A potential breakout will push the memecoin to rechallenge the $0.0000456 high. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The SHIB price breakdown below the 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope indicates the near-term trend in shifting to bearish.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily RSI slope break below 50% midline hints the sellers are strengthening their grip over the asset.</li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-why-shiba-inu-price-correction-by-15/">Here’s Why Shiba Inu Price May Extend Correction by 15%, But There’s a Twist</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why Shiba Inu Price May Extend Correction by 15%, But There’s a Twist

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