The $0.00003 price level remained a critical point for Shiba Inu in recent days. A recent market tug-of-war between the bulls and bears has seen the meme coin particularly struggling to stay above $0.00003 over the past two days. This has led to uncertainty over the direction of the cryptocurrency as we enter a new month, as a break below the figure could lead to a prolonged price reversal.
However, the majority of SHIB holders continue to maintain bullish sentiment because cryptocurrency still performs well over a longer period. This lead to bullish predictions crypto analysts.
Current Status of the Shiba Inu
Shiba Inu is currently trading at $0.0000305, up 1.28% in the last 24 hours. Interestingly, the cryptocurrency's price action shows lackluster action for most of the weekend. This caused it to fall to $0.00002958 yesterday.
However, this did not last long as the cryptocurrency found its way back above $0.00003 in the following hours, signaling the ongoing struggle between the bulls and bears.
Although the action shows that the bulls could tire in the short term, a longer time frame indicates that they could still have the upper hand. Indeed, SHIB is still up 8.60% over the past seven days, reaching $0.00003253 on March 28.
Likewise, the crypto is still up 123% over the past 30 days, although it has reversed most of the gain it recorded earlier in the month, which saw the the bulls push towards $0.00004456 for the first time since December 2021.
Bitcoin is now trading at $70.564. Chart: TradingView
What's next for Shiba Inu?
The Shiba Inu's bullish momentum may have waned from that seen earlier in the month, but some whales have continued to accumulate in anticipation of a continuation of the upward trend. 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, reach $0.000058 in April.
$SHIB #Shiba another 2x bull rally is coming ✍️ pic.twitter.com/srIRdxAfPm
– Captain Faibik (@CryptoFaibik) March 31, 2024
Another popular analyst known as Rekt Capital predicts a similar surge based on a story that repeats itself. According to him, the current action of the SHIB could reflect that of 2021. It just needs to just overcome major resistance to $0.0000332 before following a strong uptrend.
Featured image from Pexels, chart from TradingView
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