Will the Shiba Inu Regain His Annual Top? Analyst Shared His Analysis

One of the leading meme coins Shiba Inu It has lost 48% since its annual peak of $0.00004567. However, a prominent analyst spotted a formation for a new price move towards $0.000045.

SHIBAfter the collapse at the beginning of the month, it consolidated in the following days and took advantage of the market recovery to regain the $ 0.00002954 level on April 9. However, a downward trend emerged at the end of last week that caused the Shiba Inu to fall to new lows.

Meme coin experienced a 26.71% crash, recording daily losses for three consecutive days between April 11-13. As a result, the price broke below the $0.00002 support level. Notably, Shiba Inu fell to a six-week low of $0.00001830 before witnessing a rapid recovery.

Despite the recovery, SHIB is still trading at its lowest level since March 4. Analyst Trade Byte posted a post highlighting the meme coin’s low position compared to its recently reached annual peak. made.

The analyst began his commentary by noting the 52% decline from the March 5 peak of $0.000045. At that time, SHIB was trading at $0.00002175. The Shiba Inu is trading at $0.00002348, up 4.82% in the last 24 hours, regaining some of the value it lost since the analyst’s announcement.

Shiba Inu Forms a Falling Wedge Pattern

The rise in the price helped regain the recent losses, but it is far from reaching the annual peak. Byte claimed that occasional short-term declines would result in increases in the long term.

As we reported as Koinfinans.com, the latest price movements created a “falling wedge formation” and caused new analyses. This pattern usually indicates an imminent bullish reversal in price and suggests that the current downtrend may be nearing its end.

Trader Byte also expects it to return to the top of $0.0000456 when it breaks above the upper trend line due to the effect of the formation.

shiba inu price is ready for a new move

Source : The Crypto Basic

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