- Cryptocurrency price fluctuations of 50% or more are fairly unusual.
- SHIB’s price fell to $0.00004251 on November 19, down over 55%.
Shiba Inu (SHIB) has dropped almost 50% of its market value in three weeks from its late-October highs. Shiba Inu SHIB’s price fell to $0.00004251 on November 19, down over 55% from its all-time high of $0.00008854. On Friday, its price regained some of its losses, although the increase was shaky owing to low trading volumes.
Some observers predicted a severe decline in the SHIB market after its price soared more than 1,100% since October 1. For example, John Wick, an independent market expert, labelled the current SHIB price decline a “topping signal,” implying further selloffs ahead. Cryptocurrency price fluctuations of 50% or more are fairly unusual. Earlier this year, Bitcoin (BTC) fell from about $65,000 to around $30,000 in less than 30 days. BTC then recouped to a new high of $69,000.
A widely-circulated narrative portrayed Bitcoin as a global hedge against growing inflation. Meanwhile, one of Shiba Inu’s most prominent supporters, David Gokhshtein, says the coin’s key positive narrative is “community.”
Even without huge celebrity and billionaire sponsorships, Shiba Inu has performed well this year, according to Gokhshtein Media, founder, and CEO of PAC Protocol. Gokhshtein asked his followers on Friday who is “buying the dips,” reinforcing his belief in a possible SHIB price comeback after a 50%+ price correction.
Bullish Technical Outlook
Shiba Inu’s price correction has it trending downward within a bull flag zone, boosting the possibility of further gains. A downward sloping channel/rectangle with two parallel falling trendlines. Bull flags usually result in price breaking out of the upper trendline to levels equivalent to the preceding uptrend’s height (called a flagpole). Consequently, a price leg upward above $0.00010000 might ensue from SHIB’s next attempt to break above its flag’s upper trendline.
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