Shiba Inu’s price saw a remarkable 354% increase from February 27 to March 4 following its breakout from a 652-day consolidation period. However, it has since dropped by 42%, currently trading at $0.0000264. Analysts suggest investors could anticipate a further 32% decline, with a potential retest of $0.0000178.
The consolidation phase for Shiba Inu, lasting from May 13, 2022, to February 27, 2024, concluded with a significant breakout rally. Despite this surge, profit-taking activities among investors may lead to a gradual decline in the value of the meme coin.
Shiba Inu’s recent surge is noteworthy, but it’s common among meme coins like Dogecoin (DOGE) and SHIB. In 2021, SHIB experienced a similar pattern, rallying by 1,162% following a four-month consolidation period, only to undergo a prolonged decline afterwards.
Based on historical trends, Shiba Inu’s price could experience a similar trajectory after the recent 354% surge. This could result in a 30% decline, with a retest of the range high at $0.0000178. Alternatively, the price may dip to around $0.0000125, constituting a 52% decrease.
However, Shiba Inu’s price could rebound from the range high of $0.0000178 and resume its upward trend. This scenario would align with the overall bullish sentiment in the market and invalidate the expectation of a deeper correction.