Although the current SHIB price decline seems uncertain, there is no uptrend violation until SHIB price falls below $0.0000144 and stays there for more than 8 consecutive days.
In this short article, we review the SHIB price points that really matter.
In doing so, we address the question of whether or not the decline in SHIB prices is a concern, and also when exactly it might become a concern.
SHIB Price Drop – Short Term View
It feels like we’re beating a dead horse… at the risk of sounding like a broken record, we repeat:
Don’t focus on short-term charts when you see a price decline like today’s SHIB price drop.
This is an overview that will allow you to evaluate a price reduction.
No matter how smart the analysts are, how many followers the person has, how many likes a post has… the short term is confusing and misleading. Here is one of many illustrations of what we mean:
$SHIB 📈📈 https://t.co/wGF5RmGBj1 pic.twitter.com/3t86A2fZBw
– $SHIB KNIGHT (@army_shiba) October 28, 2024
SHIB price drop – overview
It’s an overview that puts a price drop into perspective.
Below is a big picture, just below today’s SHIB price drop.
What do you see?
- A long term uptrend – it is fair to say that this is a very long-term bullish pattern.
- The 50% Fibonacci level is around $0.00002345 as explained in our SHIB Price Forecast. Below this level, it will to be volatile, it is the most natural dynamic of price behavior below the 50% level.
- A bullish triangle from the March highs.
Just as important, the really (Really) significant level of support which is $0.0000133.
Take away: As long as a SHIB price drop respects $0.0000133there is no problem. Below $0.0000234 it is the most natural and normal thing to have big candles, green and red.
SHIB price decline – dynamic view
From a completely different angle, Shiba is part of a segment of the crypto universe: dog themed memes.
A drop in SHIB prices should be evaluated against the current dynamics of the segment, to complete the price analysis.
What’s going on in the small universe of dog-themed meme pieces? Everything is fine as evidenced by data points like transactions every
A drop in SHIB prices during a good cycle, especially with good momentum in its segment, does not have as much impact as a similar price drop when there is no momentum in its segment. the segment.
Shiba falling – worry or not?
The drop in SHIB price is not a concern, not yet.
This will become worrying once the SHIB price decline violates $0.0000144 for more than 8 consecutive days.
With the dog-themed segment’s long-term momentum and an excellent SHIB chart setup, there is no reason to believe SHIB will trigger an epic crash. Our last SHIB article on X is still relevant:
$SHIB avoided our expected October decline, indicating strong buying interest and a breakout trend.
This is a major signal that our 2025 bullish price targets could be achieved.#SHIB is ready for a strong 2025. pic.twitter.com/8uIRSTp8rT
– InvestingHaven (@InvestingHaven) November 1, 2024