50% drop in Shiba Ino price in 3 weeks; Is there a possibility of a further fall in prices?
The price of Shiba Ino has dropped by more than 50% during the last three weeks and after reaching its historical peak. Some experts believe that the uptrend is over, however, a pattern can be seen in the 1-day view of Shiba Inu market, which indicates that the uptrend continues.
to the Report Kevin Telegraph, the price of Shiba Ino fell to $ 0.0000004251 at its lowest level yesterday, up from about 55% of its all-time high. At present, the price has recovered somewhat from yesterday’s levels, but the lack of trading volume in the Sheba market has put it in a seemingly unknown situation; This means that few traders support price recovery.
Some analysts have said that the formation of a deep correction in the slope market is inevitable after the price experienced a jump of 1,100% since the beginning of October.
For example, a digital currency market analyst on Twitter, nicknamed John Wick, a famous movie personality, said that the continuous correction of Shiba Inu’s price is a sign of the end of the uptrend and therefore expects the sales pressure to continue. Be more.
Shopping in expensive floors?
A drop of 50% or even more is not uncommon in the digital currency market. For example, the price of Bitcoin fell below $ 30,000 in less than three days earlier this year from a high of $ 65,000, but then fully recovered and reached a new all-time high of $ 69,000.
One of the main reasons for Bitcoin’s volatile return is the growing public awareness of the digital currency as a tool to counter rising global inflation. However, in the case of Shiba Inu, as David Gokhshtein, one of the most famous fans of Meem Quinn, has said, the main reason for the price jump seems to be the activity of the digital currency community.
Gokhshtein Media, founder and CEO of PAC Protocol, said that Shiba Inu’s upward performance this year is backed by strong support from the digital currency community, although many celebrities and billions have not endorsed it.
Gokhshtin tweeted yesterday asking his audience if they were shopping on the current price floor. The move reaffirms his belief in the possible return of Sheiba Ino’s price after a 50 percent correction.
Ascending signs on the chart
Price correction and fluctuations in the channel range, which seems to be part of the uptrend pattern, increase the likelihood of price jumps in the future.
In other words, uptrends are formed when price growth stops for a short time after a strong jump.
This pattern has a descending channel consisting of two parallel trend lines. In the ascending flag pattern, the price of the canal ceiling is usually cut upwards and then raised to the height of the previous ascending candlesticks. These continuous ascending candlesticks are also called “flagpoles”.
Also read: Ascending Flag Pattern and Descending Flag Pattern; Complete training
Based on what has been said, if the Shiba Inu price continues to cross the upper trend line of the flag pattern and the trading volume increases, it is likely that the price will reach its new historical peak of $ 0.0001 million.