TL:DR;
- Shiba Inu surged on Sunday but retraced hard on Monday, alongside the rest of the market.
- However, certain analysts believe this could be the calm before the storm, and they even envision a new all-time high for the popular meme coin.
SHIB’s Monday Downfall
CryptoPotato reported yesterday the positive price developments around the second-biggest meme coin. At the time, SHIB was the top performer from the larger-cap alts, having surged by over 15% on a 24-hour scale. As a result, SHIB skyrocketed to its highest levels since March this year of over $0.000033.
However, the entire crypto landscape changed on Monday, with many assets plunging hard. Bitcoin, for example, dumped from over $98,000 to under $95,000 amid some potential profit taking from whales.
Shiba Inu’s largest native token was not spared either, dumping by nearly 10% on a daily scale to well below $0.00003. However, popular X analyst Diamond-Hands noted that SHIB’s correction could be over now, and the asset seems primed for a new wave up from this point.
Ali, another well-known technical analyst, has $0.000037 in sight and believes the asset could reach that level as long as it remains above the crucial support at $0.000025, which still holds.
Naturally, there are certain SHIB-related pages that continue to be highly bullish about the asset’s perspective in the near future, highlighting the potential of reaching a new all-time high. To do so, SHIB would need to triple its price from its current levels as its ATH stands at $0.00008616, according to CoinGecko.
Major Strength
Javon Marks told his nearly 50,000 followers on X that the meme coin’s rally over the weekend had confirmed “another bull pattern,” which shows its potential to be “further joining the bull show.” As such, the analyst noted that $0.000081 is still in play, meaning that SHIB could soon indeed target that aforementioned ATH.
