Recent Market Trends
On November 24, Shiba Inu (SHIB) faced another stumble as its charm began to fade among retail traders. Previously, these enthusiasts skyrocketed the token by over 535% to a dizzying high of $0.00008854. However, the current sentiment indicates a significant retreat, marked by a nearly 60% drop after hitting that peak on October 28.
Profit-Taking & Declining Volume
With many traders securing their profits, SHIB’s trading volume against USDT on Binance has shown a stark decline. As a result, the token’s market capitalization plummeted from approximately $28.31 billion to $21.30 billion within just five days. It’s almost as if the excitement surrounding SHIB has hit a brick wall—and not the fun, graffiti-covered kind either!
Google Trends & Market Sentiment
Even Google Trends isn’t giving SHIB any love, as searches for “Shiba Inu” have dipped significantly over the past year—from a perfect score of 100 down to a lowly 20. Market analyst Alex Krüger noted that declining search interest often signals a topping out, suggesting we might be entering a bear phase. And let’s be honest, no one wants to be the last person at the bear party.
Technical Analysis: Support Levels
With the latest sell-off, SHIB is testing some critical support levels. Based on Fibonacci retracement, the price floor sits around $0.00003792. If it rebounds, we might see a retest of the upward sloping trendline, which comes in line with the 0.5 Fibonacci level at $0.00004773. Conversely, slipping below $0.00003792 could send SHIB spiraling to the 0.786 Fib line at $0.00002394, a point where some experts are eyeing for potential buying opportunities.
Potential Bull Flag Setup
Amid the selling frenzy, there’s a silver lining—SHIB may be forming a bull flag setup. Following its dramatic rise, the price has been trending downward within a channel that resembles a bull flag, which is typically a sign of potential bullish continuation. Traders are eyeing a possible breakout to prices as high as $0.00005100, paving the way for the ambitious $0.00010000 target. If only we could ride this bull straight to the moon!
“Typically, traders place their upside target at a length equal to the height of the previous uptrend (called a flagpole).”
— Market Analysis Tip
Whether SHIB can reclaim its former glory remains uncertain, but the coming days will be telling. Keep your eyes peeled and your wallets ready—after all, cryptocurrency is a thrilling rollercoaster ride full of unexpected twists!
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