Here’s Why Shiba Inu’s (SHIB) 10% Daily Correction Could be Good News: Analysts

TL;DR;

• Shiba Inu surged on Sunday, but retraced hard on Monday, alongside the rest of the market.
• However, certain analysts believe this could be the calm before the storm, and they even envision a new all-time high for the popular meme coin.

SHIB’s Monday Downfall

CryptoPotato reported yesterday the positive price developments around the second-biggest meme coin. At the time, SHIB was the top performer from the larger-cap alts, having surged by over 15% on a 24-hour scale. As a result, SHIB skyrocketed to its highest levels since March this year of over $0.000033.

However, the entire crypto landscape changed on Monday, with many assets plunging hard. Bitcoin, for example, dumped from over $98,000 to under $95,000 amid some potential profit-taking from whales.

Shiba Inu’s largest native token was not spared either, dumping by nearly 10% on a daily scale to well below $0.00003. However, popular X analyst Diamond-Hands noted that SHIB’s correction could be over now, and the asset seems primed for a new wave up from this point.

Correction done on $SHIB

WE MIGHT GET ANOTHER WAVE UP FROM HERE #ShibaInu https://t.co/Buw6BtI6CV pic.twitter.com/h6M0Uwz6jB

— DIAMOND-HANDS (@TamngwaB) December 2, 2024

Ali, another well-known technical analyst, has $0.000037 in sight and believes the asset could reach that level as long as it remains above the crucial support at $0.000025, which still holds.

Naturally, there are certain SHIB-related pages that continue to be highly bullish about the asset’s perspective in the near future, highlighting the potential of reaching a new all-time high. To do so, SHIB would need to triple its price from its current levels as its ATH stands at $0.00008616, according to CoinGecko.

Major Strength

Javon Marks told his nearly 50,000 followers on X that the meme coin’s rally over the weekend had confirmed “another bull pattern,” which shows its potential to be “further joining the bull show.” As such, the analyst noted that $0.000081 is still in play, meaning that SHIB could soon indeed target that aforementioned ATH.

$SHIB (Shiba Inu), after recently confirming another bull pattern, looks to be further joining the bull show as prices are now showing signs of MAJOR STRENGTH!

With holding breakouts implying that $0.000081 target to still be in play, these prices can be subject to another… https://t.co/CKpxZb7CMh pic.twitter.com/lu2QT5FzEg

— JAVON⚡️MARKS (@JavonTM1) December 1, 2024

Conclusion

The cryptocurrency market has been experiencing significant fluctuations in recent days. While SHIB’s price has dropped, some analysts believe this could be the calm before the storm, and they envision a new all-time high for the popular meme coin. With some analysts predicting a potential target of $0.000081, it remains to be seen how the market will unfold in the near future.

FAQs

Q: What happened to SHIB’s price?

A: SHIB’s price surged on Sunday, but retraced hard on Monday, alongside the rest of the market.

Q: What do analysts think about SHIB’s future?

A: Some analysts believe that SHIB’s correction could be over, and the asset seems primed for a new wave up from this point. Others predict that SHIB could reach a new all-time high, with some predicting a target of $0.000081.

Q: What is the current price of SHIB?

A: The current price of SHIB is below $0.00003.

Q: What is the all-time high of SHIB?

A: The all-time high of SHIB is $0.00008616, according to CoinGecko.

Q: What is the support level for SHIB?

A: The support level for SHIB is $0.000025, according to analyst Ali.