Shiba Inu Coin (SHIB) Daily Drop of 10% Might Be a Good Thing
In Short:
Shiba Inu Coin surged on Sunday, but dropped significantly on Monday like other cryptocurrencies.
However, some analysts believe this might be a correction before a big rise, and they predict that this popular meme coin could reach new historical highs.
SHIB Faced Heavy Losses on Monday
CryptoPotato mentioned yesterday that this second-largest meme coin was performing quite well. At that time, SHIB was the best-performing among large-cap altcoins, rising over 15% in 24 hours. SHIB soared to its highest point since March this year, exceeding $0.000033.
But on Monday, the entire cryptocurrency market changed, with many assets experiencing significant declines. For instance, Bitcoin dropped from over $98,000 to below $95,000, possibly due to some large holders selling off.
Shiba Inu Coin was no exception, falling nearly 10% in one day, dropping below $0.00003. However, a well-known analyst named Diamond-Hands stated that this correction for SHIB might be nearing its end, and this asset could start to rise next.
Is SHIB About to Rebound?
Diamond-Hands tweeted: “We might stir things up again from here.
Another technical analyst named Ali predicts that SHIB could rise to $0.000037 as long as the price stays above the key level of $0.000025.
Some pages related to SHIB also remain optimistic about this asset, stating that it could potentially reach historical highs. CoinGecko mentioned that to achieve this goal, SHIB's price needs to triple from its current level, as its previous historical high was $0.00008616.
What’s the Advantage?
Javon Marks shared with his nearly 50,000 followers on social media that the weekend's rise in meme coins proves “another bull market pattern,” suggesting that it could “further join the bull market.” The analyst also pointed out that the target of $0.000081 is still very important, and SHIB might soon challenge its previous historical high.
As for the next strategic direction, I will guide everyone to aim for the lucrative opportunities in altcoins, especially those with high potential projects, where a 10x growth expectation is very likely. If you want to make big money in a bull market, like and leave a comment, and I will help you layout the entire bull market!
