The $0.00003 price level has remained a critical point for Shiba Inu over the past few days. A recent market tug-of-war between bulls and bears has seen the meme coin particularly struggle to stay above $0.00003 over the past two days. This has led to uncertainty about the direction of crypto as we enter a new month, as a breakdown below value could lead to a prolonged price reversal.
However, the majority of SHIB holders continue to maintain bullish sentiment as cryptocurrency is still doing well on a longer time frame. This led to bullish predictions of crypto analysts.
Current status of Shiba Inu
Shiba Inu is currently trading at $0.0000305, up 1.28% in the last 24 hours. Interestingly, the cryptocurrency’s price movement 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 returned above $0.00003 in the following hours, signaling the ongoing fight between bulls and bears.
While the action shows that bulls may be getting tired in the short term, a longer time frame indicates that they may still have the upper hand. This is because SHIB is still up 8.60% over the past seven days, reaching $0.00003253 on March 28.
Likewise, the crypto is still up 123% in the last 30 days, although it has reversed most of the gain made earlier in the month that saw the bulls pushing 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?
Shiba Inu’s bullish momentum may have slowed from that seen earlier in the month, but some whales kept accumulating in anticipation of a continuation of the uptrend. Crypto analysts also predicted a bullish surge in the coming weeks. Crypto analyst Captain Faibik noted that SHIB is gearing up for another 2X rally. His forecast is based on a bullish price formation.
The price chart shared by the analyst shows that SHIB is currently forming a bullish flag pattern. According to Captain Faibik, a breakout of the flag pattern could see the Shiba cryptocurrency rise to $0.000058 in April.
$SHIB #Shiba another 2x Bullish Rally coming ✍️ pic.twitter.com/srIRdxAfPm
– Captain Faibik (@CryptoFaibik) March 31, 2024
Another popular analyst known as Rekt Capital predicted a similar increase based on history repeating itself. According to him, SHIB’s current action could mirror that of 2021. Just just break above a large resistance at $0.0000332 before entering a strong uptrend.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.