final dip before Shiba Inu Price Surpass $0.00005?
SHIB positioned as the second-largest meme cryptocurrency, initiated a corrective trend in the second week of February, retracting from the $0.000045 level.
This adjustment was triggered by Bitcoin's decline below $70,000, leading Shiba Inu to a low of $0.0000238, marking a 47% decrease. This decline suggests a potential breach below the 50% retracement level, indicating the possibility of further downside movement.During the recovery phase from February to March in the cryptocurrency market, meme coins emerged as top performers, with assets like Shiba Inu, Dogecoin, Pepe Coin, and Bonk witnessing significant triple-digit gains.
The retracement pattern can be identified through a downward-sloping trendline, serving as a dynamic resistance for buyers. With an intraday increase of 7.83%, Shiba Inu's price rebounds to $0.00002745, positioning for another breakout attempt above the overhead trendline at the $0.00003 threshold.This upcoming encounter represents a critical juncture for traders, as a reversal or breakout from the trendline could significantly influence Shiba Inu's immediate price action.
A potential reversal from the resistance trendline might extend Shiba Inu's correction to $0.0000215.Following the recent price surge, SHIB coin is striving to reclaim its position above the 50% retracement level.
Sustaining prices above this level would indicate strong support from meme coin buyers and potentially offer an attractive entry point for new investors.A breakout above the upper boundary would signal a continuation of the recovery trend and could present buyers with an opportunity to surpass the previous swing high of $0.000045 and reach the significant milestone of $0.00005.
$SHIB
