While the ongoing SHIB price drop feels uncertain, there is no bullish trend violation until the price of SHIB drops below $0.0000144, and stays there for more than 8 consecutive days.
In this short article, we review the price points for SHIB that truly matter.
In doing so, we address the question whether the SHIB price drop is concerning or not, and also when exactly it might get concerning.
SHIB price drop – short term view
We feel that we are beating a dead horse… with the risk of sounding like a broken record, we’ll say it again:
Do not focus on short term charts when looking at price decline like today’s SHIB price drop.
It is the bigger picture view that will help assessing a price drop.
No matter how smart the analysts is, how many followers the person has, how many likes a post gets… the short term is confusing and misleading. Here is one of the many illustrations of what we mean:
$SHIB 📈📈 https://t.co/wGF5RmGBj1 pic.twitter.com/3t86A2fZBw
— $SHIB KNIGHT (@army_shiba) October 28, 2024
SHIB price drop – big picture view
It is the big picture view that puts a price drop in perspective.
Below is the big picture chart, right below the SHIB price drop of today.
What do you see?
- A long term bullish pattern – it is fair to say that it’s a very bullish long term pattern.
- The 50% Fibonacci level comes in around $0.00002345 as explained in our SHIB price forecast. Below this level, it will be volatile, it’s the most natural dynamic of price behavior below the 50% level.
- A bullish triangle since the March highs.
Equally important, the really (really) important support level which is $0.0000133.
Take-away: As long as a SHIB price drop respects $0.0000133, there is no problem whatsoever. Below $0.0000234 it is the most natural and normal thing to have large candles, both green and red.
SHIB price drop – momentum view
From a completely different angle, Shiba is part of a segment in the crypto universe: dog-themed memes.
A SHIB price drop should be assessed against ongoing segment momentum, to complement the price analysis.
What is happening in the small universe of dog-themed meme coins? All is well as evidenced by the data points like transactions e.a.
A SHIB price drop during a good cycle, especially with good momentum in its segment, is not as impactful compared to a similar price drop when there is no momentum in the segment.
Shiba dropping – concern or not?
The decline in the price of SHIB is not concerning, not yet.
It will get concerning once the SHIB price drop violates $0.0000144 for more than 8 consecutive days.
With long term dog-themed segment momentum, and a great SHIB chart setup, there is not reason to believe that SHIB is starting an epic crash. Our latest SHIB post on X is still relevant and actual:
$SHIB avoided our predicted drop in October, indicating strong buying interest and a breakout trend.
This is a major signal that our bullish 2025 price targets could be achievable.#SHIB is primed for a strong 2025. pic.twitter.com/8uIRSTp8rT
— InvestingHaven (@InvestingHaven) November 1, 2024
