Shiba

Pepe

BEFE

Shiba Inu

Shiba Inu Price: The ongoing correction trend in the crypto market has significantly impacted meme cryptocurrencies evidenced by the notable correction in top assets like <a href="https://coingape.com/markets/can-dogecoin-doge-price-hit-1-in-march-on-whale-transaction-surge/">Dogecoin</a>, Shiba Inu, <a href="https://coingape.com/trending/bome-vs-pepe-which-meme-coin-might-cross-1-in-2024/">Pepe Coin</a>, and BONK. It seems that a steep correction was expected as the last rally left this asset class in an overbought region. 
The price drop of Dog-themed memecoin, Shiba Inu, is teasing a breakdown below the $61.8 Fibonacci retracement level, signaling the threat of further downfall. 
Also Read: <a href="https://coingape.com/shiba-inu-news-team-hints-at-secret-strategy-to-eclipse-dogecoin/">Shiba Inu Team Hints At “Secret” Strategy To Eclipse Dogecoin</a> 
<h2 id="b-shiba-inu-at-a-crossroads-with-potential-for-recovery-or-further-downturns-b">Shiba Inu at a Crossroads with Potential for Recovery or Further Downturns</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://coingape.com/shiba-inu-lucie-buys-40-mln-shib-eyeing-miracle-recovery-what-next/"><img decoding="async" src="https://s3.tradingview.com/snapshots/l/lO3RFSI3.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="937"></a>
 <figcaption class="wp-caption-text">
 Shiba Inu Price| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/shiba-inu-lucie-buys-40-mln-shib-eyeing-miracle-recovery-what-next/">Shiba Inu</a>, the second-largest meme cryptocurrency, has been under a correction trend for the past three weeks, with the price dropping from $0.000045 to $0.0000259, registering a 43% loss. 
<blockquote>
 In the daily chart, this retracement can be followed using a downsloping trendline which acts as a dynamic resistance for buyers. The overhead supply has already plunged the <a href="https://coingape.com/shiba-inu-community-drops-the-shib-magazine-17th-edition-here-everything/">SHIB</a> price below the 50% retracement level- a sign reflecting the weakening bullish momentum.
</blockquote> 
Recent data from IntoTheBlock reveals a stark divergence in the behavior of Shiba Inu ($SHIB) investors over the last 30 days. Short-term holders, defined as those holding SHIB for less than a month, have dramatically increased their stakes by 64 trillion SHIB, a 278% surge. This spike indicates a growing speculative interest among newcomers or short-term traders betting on quick gains. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 In the past 30 days, short-term Shiba Inu owners have increased&nbsp;their holdings by a staggering 64 trillion <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a>. 
 According to insights from <a href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw">@intotheblock</a> utilizing the Balance by Time Held metric, Shiba Inu traders with holdings spanning less than a month have seen a… <a href="https://t.co/LGtwHkRo6T">pic.twitter.com/LGtwHkRo6T</a> 
 — Slim Daddy<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25fb.png" alt="◻" class="wp-smiley" style="height: 1em; max-height: 1em;">𓃵 ₿ (@felixreads) <a href="https://twitter.com/felixreads/status/1771055582583165030?ref_src=twsrc%5Etfw">March 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Conversely, long-term investors, those holding for over a year, have reduced their holdings by 9.07%. This exit from the long holder creates a higher selling pressure for SHIB and the potential for another support breakdown. 
Thus, if the sellers break the immediate floor of 61.8% FIB at $0.00002376, the SHIB price may plunge to $0.00001812 by the March end. 
However, a potential for renewed recovery will spark if the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> breaks the overhead trendline. 
Also Read: <a href="https://coingape.com/sponsored/befe-coins-bullish-run-a-sign-of-potential-shiba-inu-and-pepe-coin-like-success/">BEFE Coin’s Bullish Run: A Sign of Potential SHIBA INU and PEPE COIN-like Success?</a> 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The rising 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> may offer strength to the support regions at $0.0000237.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A wide gap between the MACD(blue) and signal(orange) line reflects an intense correction trend in this memecoin.</li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-where-shiba-inu-price-may-land-by-march-end/">Here’s Where Shiba Inu Price May Land By March End?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Where Shiba Inu Price May Land By March End?

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