The $0.00003 price level remains a key point for Shiba Inu over the past few days. The recent market tug-of-war between bulls and bears has seen Mimcoin particularly struggling to stay above $0.00003 over the past two days. This has created uncertainty about the direction of the cryptocurrency as the new month begins. This is because if there is a breakdown below the figure, the price reversal may be magnified.
However, the majority of SHIB holders continue to Hold on to feelings of optimism Because cryptocurrencies are still performing well over longer periods of time. Because of this optimistic forecast From a crypto analyst.
Current appearance of Shiba Inu
Shiba Inu is currently trading at $0.0000305, up 1.28% over the last 24 hours. Interestingly, the price action of cryptocurrencies shows sluggish movements for most of the weekend. This caused it to drop to $0.00002958 yesterday.
However, this was short-lived as the cryptocurrency recovered above $0.00003 in a matter of hours, signaling an ongoing battle between bulls and bears.
This behavior shows that the bulls may be tiring in the short term, but longer periods indicate that the bulls still have the upper hand. This is because SHIB is still up 8.60% over the past 7 days, reaching a high of $0.00003253 on March 28.
Likewise, the cryptocurrency is still up 123% over the past 30 days, but has reversed most of the gains it saw earlier this month. bull pushing For the first time since December 2021, it is at $0.00004456.
Bitcoin is now trading at $70.564. Chart: TradingView
What’s next for your Shiba Inu?
The Shiba Inu’s bullish momentum may have weakened from what was seen earlier this month, but some whales continue to accumulate The upward trend is expected to continue. Cryptocurrency analysts predict strength in the coming weeks. Crypto analyst Captain Faibik noted that SHIB is gearing up for another 2X rally. His predictions are based on optimistic price formations.
The price chart shared by the analyst shows that SHIB is currently forming a bullish pennant flag pattern. According to Captain Faibik, if the flag pattern is broken, Shiba’s cryptocurrency could skyrocket to $0.000058 in April.
$SHIB #Shiba Another 2x bullish rally begins ✍️ pic.twitter.com/srIRdxAfPm
— Captain Faibik (@CryptoFaibik) March 31, 2024
Another popular analyst known as Rekt Capital Similar upward trend expected Based on history repeating itself, according to him, SHIB’s actions now may reflect its actions in 2021. Break through major resistance levels It is at $0.0000332 before a strong uptrend.
Featured image from Pexels, chart from TradingView
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Source: NewsBTC.com