Price Prediction: What Are the Chances of SHIB Price Reclaiming $0.00003 Mark Soon?
The cryptocurrency market saw a decrease in supply pressure over the weekend, with Bitcoin exhibiting a sharp reversal from $53500. This turnaround triggered a relief rally for many altcoins, particularly meme coins. Shiba Inu, the second-largest meme coin, also experienced a similar reversal from the $0.0000126 mark. The critical question now is whether this recovery will be sustained.
Market Trend and Performance
The significant selloff in the first week of July played a crucial role in the ongoing correction trend of Shiba Inu, which began to show signs of decline in June. The meme coin plummeted by 57% from its last peak of $0.0000294 to a 4-month low of $0.0000125. During the weekend relief rally, the price of SHIB surged 27% to reach $0.000016, and its market cap rose to $9.48 billion.
According to this setup, two parallel trendlines are serving as dynamic resistance and support, contributing to a steady downward trend. If a bullish reversal occurs within this channel, it could lead to a 40% increase in the asset’s value, challenging the upper trendline.
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In a recent post shared on X by Andrew Kang, the founder of Mechanism Capital, shared his views on the current market scenario. Kang believes that more than 98% of altcoins have already peaked for the current cycle, with only a few potentially reaching new highs in late 2024 or early 2025. Among these, meme coins are singled out as having a significant chance to achieve new highs, but Kang advises caution in selecting from the numerous options available.
Therefore, a breakout of the Shiba Inu price from the channel pattern will be a critical signal of a potential trend reversal. Such a breakout could encourage buyers to target $0.0000456, followed by a high of $0.0000885. However, as long as the channel pattern holds, the SHIB price may continue its current correction.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
