Insights on Bitcoin Market Trends and SHIBA Coin Predictions
The cryptocurrency market is still in a bull trend, and double-digit percentage losses in BTC prices are considered normal. Experienced investors are not surprised by such dips, having seen them in the early and advanced stages of bull markets. However, newcomers struggle to make sense of the current losses.
Cryptocurrency Decline and SHIB
Firstly, a significant portion of seasoned investors were already preparing for the 2024 and 2025 periods due to the halving year. This preparation is still ongoing. Moreover, those who evaluated the 2022-2023 lows from this perspective have already made gains of up to ten times. This makes them less affected by the downturn, avoiding losses on their profits.
So how can we say this? Certainly, from the profitability rates of most altcoins exceeding 50%. Cryptocurrencies do not claim to distribute money to everyone or offer profit opportunities. However, those who invested in the right projects at the right times have always been rewarded throughout the cycles.
Turning to the current situation, SHIBA Coin’s price is finding buyers at $0.0000249, with a loss exceeding 8% at the time this article was prepared.
SHIBA Coin Predictions
The Shiba Inu price is deepening its losses as it fails to reclaim the $0.00002800 support level. It was an important support level, and the current price meltdown is not surprising as BTC falls below $62,000.
The meme coin sector’s waning excitement has also led to SHIB investors taking profits. During the hype period, short-term investors flock to tokens, and this group is much more skittish than others. Rapid rises begin with their support, and their quick exits trigger rapid sell-offs.
SHIB has seen over half a billion dollars worth of tokens transferred between wallets in the last four days. This gives an idea of the scale of profit-taking. So what will the price do? If the Shiba Coin decline continues, it could fall back to the $0.00002268 and $0.00002039 support levels.
These supports are expected to see intense struggle from the bulls. Especially since the second support zone coincides with the 100-day EMA, it must be defended for the mid-term positive outlook to continue. In the opposite scenario, the targeted resistance seems to be $0.00002835. However, no level guarantees certain gains for investors, so they should base their buying or selling decisions on their own research and evaluations.