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SHIB analysis – daily drop of 27%!

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SHIB is no exception, and the token has seen a sharp correction over the past day, like all other high-cap coins on the market. In the case of Shiba Inu, the correction was 27%. Despite the long-lasting correction and its successful completion, the market is facing a decline again.

In the short term, the same is true for all coins. We have to wait for the volatility to stopand, if necessary, to create a reverse pattern. The fact that this slump occurred only in the last hours, it is naive to talk about the end of the correction. In the short term, we are oversold and that may mean stop price at market level around $ 0.00003500.

SHIB / USD 4HSHIB / USD 4H. Source: TradingView

Where does SHIB have a buying area?

In the longer term, however, the price needs to cool down as the correction is likely to continue. The nearest buying area is between $ 0.00002500 and $ 0.00003000. This zone represents a decent volume of historical transactions, which results from the previous sideway structure, which was established in October.

To sum it up, the price can be at short-term minimum, which, however, is likely to be only part of a corrective structure that has room to continue. Buying area however, it is not that far from the current price. No matter where the correction ends, we need to identify rising lows and consequently highs.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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