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Meme coin Shiba Inu (SHIB), after a long wait, finally recorded a significant rise between February 27 and March 4. After a 652-day consolidation period, it gained a 354% increase, drawing attention. However, following this rise, SHIB is currently trading at $0.0000264, having experienced a 42% loss in value. So, what levels can we expect for the cryptocurrency SHIB price from this point on?
Downward Trend in SHIB Price
For investors, the point to watch in the coming period is the potential downward trend of the cryptocurrency SHIB. In particular, it is expected that the meme coin could decline by another 32%, retesting the $0.0000178 levels. This expectation is based on profit-taking and achieving price stability.
The consolidation observed in the price of meme coin SHIB since May 13, 2022, ended with a major breakout rally on February 27, 2024. However, there is still significant indecision and uncertainty among investors. In particular, the tendency of investors to realize their profits points to a slow bleeding process in the price of SHIB.
The price of meme coin Shiba Inu recorded a 354% increase between February 27 and March 4. This marks the end of the cryptocurrency’s two-year consolidation period. However, the past performance of similar meme coins calls for caution among investors.
Sharp Rises But Slow Falls
In the past, rallies experienced by the cryptocurrency Shiba Inu during similar periods were often followed by significant declines. In a similar situation in 2021, SHIB surged by 1,162% but then gave back its gains and experienced a slow decline.
Now, the same scenario seems possible to repeat. Therefore, investors should consider that the price of meme coin Shiba Inu could drop by at least 30% and retest the $0.0000178 levels.
However, alongside a potential correction scenario, it should not be forgotten that the price could bounce back from high levels, initiating an upward trend. This could align with broader market sentiment and invalidate a deeper correction.
Looking at the price of meme coin Shiba Inu at the time of writing, SHIB is trading at $0.00002791.
