Shiba Inu is breaking out of the bearish phase to recover some of its price gains before the recent slump. Notably, Shiba Inu rallied during the last bullish phase that saw Bitcoin reach a new all-time high of $73,738 on March 14.
However, a sharp decline followed immediately after this peak, affecting altcoins like Shiba Inu. Now, some investors consider the possibility of SHIB returning to the $0.00004 high by the end of March.
Shiba Inu’s Performance Hints at Possible Recovery
SHIB rose from a low of $0.000009333 in the past month to a 52-week high value of $0.00004534. Today at 6:30 am EST, SHIB is trading at $0.000027 with a 7.2% increase in the past 24 hours, suggesting that the buyers have regained control.
Despite the recent slump, Shiba Inu is up by 176.2% this month, confirming that the general sentiment of investors is positive. The question now is whether SHIB can reach the price of $0.00004 by this month’s end.
According to Changelly’s prediction, SHIB will hit a maximum price of approximately $0.0000395 by the end of March, roughly $0.00004.
However, ChatGPT maintained that predicting that Shiba Inu will rally to $0.00004 before the end of March is highly speculative.
Nevertheless, upcoming developments in the Shiba Inu ecosystem, such as the launch of the SHI stablecoin and exciting Metaverse developments, will likely aid SHIB’s price performance.
Will SHIB Rally to $0.00004 in March?
SHIB formed a bullish engulfing pattern on the daily chart on March 4, reacting to solid buy pressure. Also, it rallied to the $0.0000457 price level before pressure from the sellers forced it to decline below the $0.0000279 price level.
The sellers continued to mount pressure, dropping SHIB further to rest on the $0.0000243 support level. This support level has proved critical to preventing further price decline for SHIB in the past week. Instead, the $0.0000243 support level acted as a price pivot as the buyers restarted the rally on March 20.
However, a rejection occurred at the $0.0000279 resistance level, leading to today’s red candle formation. Despite the selling pressure, SHIB has formed higher lows and is currently testing the $0.0000279. A break above this level will move SHIB to the $0.00003 price level and kick-start the rally to $0.0000457.
SHIB is trading slightly above the lower band of the Bollinger Band (BB), suggesting that the asset’s buying pressure is still minimal. Also, the Relative Strength Index (RSI) indicator is in the neutral zone with a value of 53.37, indicating that traders are showing indecision in the market.
Based on the indicators and candlestick patterns, SHIB will likely rally above the $0.00003 price level in the coming days. Also, given that SHIB’s price correlates closely with the bitcoin price, if BTC breaks above $70,000, then SHIB will likely reclaim the $0.00004 price level.
Therefore, investors must consider the risk of trading cryptocurrencies before making further decisions on SHIB.
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