The Shiba Inu cryptocurrency (SHIB) recently witnessed a substantial increase, marking the end of a lengthy 652-day consolidation with a 354% uptick in value. The surge occurred between February 27 and March 4, capturing the attention of the crypto community. However, the digital currency has since retraced, suffering a 42% decrease in value and currently trading at $0.0000264.
Investor Watch: Potential Further Declines for SHIB
Investors are now on alert for a possible extended downturn that could see SHIB’s value drop an additional 32%, potentially revisiting the $0.0000178 price point. This anticipated decline is thought to be driven by profit-taking activities and a quest for price equilibrium.
SHIB’s pricing behavior demonstrated a period of stability from May 13, 2022, until a significant price leap at the end of February 2024. Nevertheless, the market exhibits hesitation and uncertainty, suggesting a gradual decrease in SHIB’s value as investors cash in on their gains.
Historical Patterns: The Ebb and Flow of SHIB Value
History shows that SHIB’s swift ascents have often been followed by gradual declines. A similar trend occurred in 2021 when the currency soared by 1,162%, only to retreat slowly thereafter. The current situation may mirror this pattern, indicating a potential fall of at least 30% to the $0.0000178 level.
While a downward adjustment seems plausible, it is also possible for SHIB to rebound from its diminished levels, spurred by broader market trends that could counter a deeper price correction. As of the present, SHIB holds a trading value of $0.00002791.