The $0.00003 price level has been a key point for the Shiba Inu over the past few days. The recent market war between bulls and bears has seen Meme Coin struggling to hold above $0.00003 in particular over the past two days. This has created uncertainty about the crypto’s direction as we break into the new month as a breakdown below the figure could lead to an extended price reversal.
However, the majority of SHIB holders remain Hold the enthusiastic feeling Because the cryptocurrency is still performing well over the long term. This has caused Bullish forecasts From Crypto Analysts.
Current status of the Shiba Inu
Shiba Inu is currently trading at $0.0000305, up 1.28% in the last 24 hours. Interestingly, the price movement of the cryptocurrency shows a subdued activity most of the weekend. Yesterday it dropped down to $0.00002958.
However, this did not last long, as the cryptocurrency found its way back above $0.00003 within hours, signaling an ongoing battle between bulls and bears.
While the action shows that the bulls may tire in the short term, a longer time frame suggests that they are still bullish. This is because SHIB is still up 8.60% over the last seven days, reaching $0.00003253 on March 28th.
Likewise, the crypto is still up 123% over the past 30 days, although it has reversed most of the gains it saw earlier in the month. Pushing the bull $0.00004456 for the first time since December 2021.
Bitcoin is now trading at $70.564. Chart: TradingView
What’s next for the Shiba Inu?
The Shiba Inu boom may have been dampened by those seen earlier in the month, but few whales Continued to accumulate Expecting the uptrend to continue. Crypto analysts are also predicting a bullish trend in the coming weeks. Crypto analyst Captain Fabik noted that SHIB is poised for another 2X rally. Its forecast is based on bullish prices.
The price chart shared by the analyst shows that SHIB is currently forming a bullish flag pattern. According to Captain Fabik, the breakout of the flag pattern could lead Shiba cryptocurrency to $0.000058 in April.
$SHIB # Shiba Another 2x bullish rally incoming pic.twitter.com/srIRdxAfPm
— Captain Faibik (@CryptoFaibik) 31 March 2024
Another popular analyst known as Rekt Capital A similar wave forecast Based on history repeating itself. According to him, the current SHIB action could be a mirror of the one in 2021. That’s all it takes. Only break on a major resistance at $0.0000332 before moving to a strong uptrend.
Featured image from Pexels, charts from TradingView
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