The $0.00003 price level has remained a critical point for Shiba Inu in the past few days. A recent market tug-of-war between bulls and bears has seen the meme coin particularly struggling to hold above $0.00003 in the past two days. This has led to uncertainty about the crypto’s direction as we break into a new month as a breakdown below the figure could lead to an extended price reversal. 

However, the majority of SHIB holders continue to hold onto bullish sentiment as the cryptocurrency is still doing well in a larger timeframe. This has led to bullish predictions from crypto analysts. 

Current State Of Shiba Inu

Shiba Inu is currently trading at $0.0000305, up by 1.28% in the past 24 hours. Interestingly, the cryptocurrency’s price movement shows a lackluster action for the majority of the weekend. This saw it falling to as low as $0.00002958 yesterday.

However, this wasn’t for long, as the cryptocurrency found its way back above $0.00003 in the hours after, signaling the ongoing fight between bulls and bears. 

While the action shows the bulls might be getting tired in the short term, a larger timeframe indicates they might still be having the upper hand. This is because SHIB is still up by 8.60% in the past seven days, reaching as high as $0.00003253 on March 28.

Similarly, the crypto is still up by 123% in the past 30 days, although it has reversed most of the gain it saw earlier in the month which saw the bulls pushing to $0.00004456 for the first time since December 2021.

Bitcoin is now trading at $70.564. Chart: TradingView

What’s Next For Shiba Inu?

Shiba Inu’s bullish momentum might have waned from those witnessed earlier in the month, but some whales have continued accumulating in anticipation of an uptrend continuation. Crypto analysts have also predicted a bullish surge in the coming weeks. Crypto analyst Captain Faibik noted that SHIB is gearing up for another 2X rally. His prediction is based on a bullish price formation. 

The price chart shared by the analyst shows that SHIB is currently forming a bullish pennant flag pattern. According to Captain Faibik, a breakout of the flag pattern could see Shiba the cryptocurrency surging to $0.000058 in April.

$SHIB #Shiba another 2x Bullish Rally incoming pic.twitter.com/srIRdxAfPm

— Captain Faibik (@CryptoFaibik) March 31, 2024

Another popular analyst known as Rekt Capital predicted a similar surge based on history repeating itself. According to him, the current SHIB action could mirror the one in 2021. All it needs to do is just break above a major resistance at $0.0000332 before going on a strong uptrend.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? appeared first on Crypto Breaking News.

According to PANews, MobileCoin (MOB) experienced a sudden price increase in the early hours of March 30th, surging over 400% at one point. The current price is $0.1353, with a 24-hour increase of 118%.

The reason for this sudden price increase remains unclear, but it highlights the volatile nature of the cryptocurrency market. Investors should be cautious when trading in such a rapidly changing environment.

According to BlockBeats, on March 30th, 10x Research stated on social media that MicroStrategy's stock is overvalued by 60%, and based on its actual situation, the stock price may even be overvalued by nearly 100%. A year ago, MicroStrategy's stock price did not have a premium compared to Bitcoin, and this stock has become a typical representative of the current Bitcoin bull market, while Grayscale's GBTC discount price is a typical representative of the 2022 bear market. In fact, the trading price of the stock should be close to $1,000, not in the range of $1,700 to $2,000.

Market data shows that MicroStrategy (MSTR) closed at $1,919 yesterday, and the current after-hours price has fallen to $1,704.

According to BlockBeats, on March 30th, 10x Research stated on social media that MicroStrategy's stock is overvalued by 60%, and based on its actual situation, the stock price may even be overvalued by nearly 100%. A year ago, MicroStrategy's stock price did not have a premium compared to Bitcoin, and this stock has become a typical representative of the current Bitcoin bull market, while Grayscale's GBTC discount price is a typical representative of the 2022 bear market. In fact, the trading price of the stock should be close to $1,000, not in the range of $1,700 to $2,000.

Market data shows that MicroStrategy (MSTR) closed at $1,919 yesterday, and the current after-hours price has fallen to $1,704.