🟠 Cryptocurrency trader expects SHIB to rise, buys the dip
Raffaella Rigo, a well-known cryptocurrency trader on Rego pointed out a previous post about the memecoin, suggesting that its price is about to rise.
💬 Buy more $SHIB - Rafaela Rigo
On March 31, Rigo shared a monthly chart of SHIB/USD indicating that the memecoin had found support and was poised for a major rally. The chart showed how SHIB's downward movement continuously lost momentum after a complete bounce that saw the memecoin reach a low point. Price action also indicated a potential return for SHIB bulls, with a classic bullish candlestick pattern indicating inherent bullish momentum.
Meanwhile, not much has changed two weeks after Rego's initial post. SHIB's price setting remains the same, with the price experiencing a slight pullback. SHIB fell from $0.000026 to $0.000022, returning to the support area previously identified by Rigo.
Experienced cryptocurrency traders usually view pullbacks as opportunities to increase their holdings by accumulating more tokens in circulation. They believe this means an opportunity to buy coins at cheaper prices, making way for more profitable trades. Most of them do this when they are confident in their trend forecast, as evidenced by Rego's actions.
SHIB stock rose more than 378% between February and March of this year after nearly two years of insignificant price movements. The leading altcoin succumbed to market pressures in March and lost 60% of its value after the rally. The decline in March pushed SHIB price down towards the 0.618 Fibonacci retracement level.
Rigo expects SHIB to regain its bullish momentum and rise towards the $0.00004988 region. This will take the memecoin back to its 2024 high and open the way for further upward movement. If the rally continues, SHIB could reach significant levels of the recent uptrend, potentially catching up to the previous all-time high (ATH) of $0.#TopCoinsJune2024 #solana 
