Crypto

The end of the Shiba Inu? Your course loses 50% in 3 weeks!

Shiba Inu (SHIB) has lost nearly 50% of its market value in three weeks since its highs in late October. The price of SHIB fell to $ 0.00004251 on November 19, a drop of more than 55% from its all-time high of $ 0.00008854.

Its price recovered some of its losses on Friday, although the rise was fragile due to low trading volumes.

Some observers predicted a sharp decline in the SHIB market after its price rose more than 1,100% since October 1. For example, John Wick, an independent market expert, called SHIB’s current price decline a “stop sign,” suggesting further collapses. Cryptocurrency price fluctuations of 50% or more are quite common. At the beginning of the year, bitcoin (BTC) went from around $ 65,000 to around $ 30,000 in less than 30 days. BTC then rallied to a new high of $ 69,000.

A widely circulated narrative presented Bitcoin as a global hedge against rising inflation, and yet its lack of stability makes it difficult to portray it as such (for now). At the same time, one of Shiba Inu’s most prominent supporters, David Gokhshtein, claims that the main positive feature of the work is “community”.

Even without the endorsement of big celebrities and billionaires, Shiba Inu has performed well this year, according to Gokhshtein Media, founder and CEO of Protocol PAC. On Friday, Gokhshtein asked his followers who “buys the dips”, reinforcing his belief in a possible return in the price of SHIB after a correction of more than 50%.

Bullish technical outlook

The Shiba Inu price correction is trending down in a bullish flag area, increasing the possibility of further gains. A descending channel / rectangle with two parallel descending trend lines. Bullish flags generally result in breaking the upper trend line at levels equivalent to the height of the previous uptrend (called the flagpole). Therefore, a surge in price above $ 0.00010000 could be the result of SHIB’s next attempt to break the upper trend line of its flag.

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