Shiba Inu SHIB predicts a 50% price retracement

Market risk aversion again. Shiba Inu is down 7% in the past 24 hours as the major cryptocurrency also remains in the red. However, it has been a good week for the meme cryptocurrency, which still surged 14% over the past 7 days. Earnings reflect positive Optimism towards meme tokens.

However, Wednesday’s slowdown in SHIB prices should not be seen as a bear market. On the one hand, a market correction is bound to follow a strong rally. However, the meme coin is at the $0.000012 level, which has now acted as a support area. This is the key level that SHIB needs to recapture to set the upward trajectory.

Furthermore, even as SHIB slows, whale activity is increasing. The number of Shiba Inu whales hit a record high of 1,233,301, according to WhaleStats. Most of these holders hold meme tokens for a long time. In fact, IntoTheBlock data shows that SHIB has the largest number of token holders. The number of short-term holders has also been stable.

The latest Shiba Inu update is also reassuring. There is no doubt that SHIB prices have been overwhelmed by delays in key utility projects. One of them is the Shiba Eternity game. Developer Shytoshi Kusama responded to users’ concerns on Twitter, reassuring him that everything is on the way. He noted that although not everything has been set, updates and deadlines are being made ahead of schedule.

SHIB retraces to key support level

Source – TradingView

On the daily chart, SHIB is completing the 50% retracement level at support at $0.000012. This is the level to watch as the cryptocurrency corrects. If this level holds, SHIB will start another rise, possibly to $0.000017.

Should you buy SHIB now?

A break above the $0.000012 resistance level makes SHIB very attractive. Earnings are in line with positive Optimism for meme token and Shiba Inu’s network activity.

If the $0.000012 level holds, coupled with technical indicators, investors should consider buying. Analysts already believe that a break above that level is more than a one-off. Instead, it should be seen as a sign of further gains. So keep an eye on the technical level.

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Source of information: Compiled from COINJOURNAL by 0x information.The copyright belongs to the author Motiur Rahman and may not be reproduced without permission

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