In the three weeks since its all-time high in late October, SHIB has lost more than half of its market value. Today, SHIB is recouping some of its losses
Ongoing Correction of SHIB
After being corrected nearly 55 percent by ATH from $ 0.0008854, the price fell as low as $ 0.00004251 on November 19. Today, SHIB is recouping some of its losses, but the move appears to be undecided due to lower volume, implying that not many traders are betting on the recovery trend.
After rising more than 1,100 percent since October 1st, some analysts believe a sharp decline in the SHIB market is unavoidable.
The ongoing correction of the SHIB, for example, has been dubbed the “top signal” by independent market analyst John Wick, implying further sell-offs in the coming sessions.
“From SHIB, I tweeted the entry and exit points. Many of you were angry with me because I told you this was the whole SHIB thing. In retrospect, I hope you can see that all I’m trying to do is assist you. Since the peak of the signal, the signal has dropped by 54%, and the tweet below has dropped by 49%.
Purchase a dip
In the crypto market, price swings of 50 percent or more are not uncommon. For example, earlier this year, Bitcoin fell from around $ 65,000 to below $ 30,000 in less than 30 days. But then the crypto king rose to a new all-time high of $ 69,000.
A popular narrative predicting BTC as a global inflation hedge is at the heart of the cryptocurrency’s volatile recovery. Meanwhile, as most popular proponent David Gokhshtein put it, the central bullish tendency for SHIB still comes from the “community.” speak.
Despite the lack of massive support from celebrities and billionaires, SHIB’s bullish performance this year was due to increased community support, according to Gokhshtein Media’s founder and CEO of PAC Protocol.
On Friday, Gokhshtein asked his followers on Twitter who is “buying the dip,” reaffirming their belief in the possibility of the SHIB price recovering even after a 50 percent correction.
Technically, things are looking up
The current downturn has caused the SHIB to trend down within a bull flag, indicating that the price will likely continue to rise in the future.
The drop flag, for instance, appears as a brief stop in a trend following a price gain.
The pattern is formed by two parallel downtrend lines and looks like a downward sloping channel/rectangle. Bull flags usually force prices to break out of the upper trendline to a level equal to the previous uptrend’s peak (known as flagpoles).
With this in mind, if SHIB’s next attempt to breach the flag’s upper trendline is accompanied by an increase in trading volume, the price might rise to $ 0.0001.
