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
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Author: Scott Matherson
