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

TL:DR;

Shiba Inu rose on Sunday, but rebounded strongly on Monday, along with the rest of the market. However, some analysts believe this could be the calm before the storm, and are even predicting a new all-time high for the popular meme currency.

SHIB Monday Drop

CryptoPotato reported positive price developments around the second largest meme coin yesterday. At the time, SHIB was the best performer among the larger-cap alternatives, having risen more than 15% on a 24-hour scale. As a result, SHIB soared to its highest levels since March of this year, over $0.000033.

However, the entire crypto landscape changed on Monday, with many assets falling sharply. Bitcoin, for example, fell from more than $98,000 to less than $95,000 amid some potential whale profits.

The largest native token Shiba Inu was also not spared, falling nearly 10% on a daily basis to well below $0.00003. However, popular X analyst Diamond-Hands noted that SHIB’s correction could end now and the asset looks set for a new wave from this point.

Correction made $SHIB

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

— DIAMOND HANDS (@TamgwaB) December 2, 2024

Ali, another well-known technical analyst, has $0.000037 in his sights and believes the asset could reach this level as long as it holds above the crucial $0.000025 support, which is still holding.

Naturally, there are some SHIB-related pages that remain very bullish on the outlook for the asset in the near future, highlighting the potential for 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.

Force Majeure

Javon Marks told his nearly 50,000 followers on X that the meme currency’s rally over the weekend had confirmed “another bull pattern,” showing its potential to “join more of the bull show “. As such, the analyst noted that $0.000081 is still in play, meaning that SHIB could soon target the ATH mentioned above.

$SHIB (Shiba Inu), after recently confirming another bullish pattern, looks set to further join the bullish show as prices are now showing signs of MAJOR FORCE!

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

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

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