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Shiba Inu (SHIB) Price Plunges, but Better Times Are Around the Corner

2 mins
3 March 2023, 14:00 GMT+0000
Updated by Geraint Price
3 March 2023, 14:00 GMT+0000
In Brief
  • Shiba Inu (SHIB) price broke down below the $0.0000120 support area.
  • It is likely in the C wave of an A-B-C correction.
  • There is support at $0.0000099-$0.0000110.
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The Shiba Inu (SHIB) price is in the final wave of a corrective movement, after which an increase could follow.

The SHIB price has fallen since reaching a high of $0.0000157 on Feb. 4. The drop was preceded by a bearish divergence in the daily RSI. So far, the Shiba Inu price has reached a low of $0.0000108. While doing so, it broke down from the $0.0000122 support area, which is now expected to provide resistance.

However, the price of Shiba Inu still holds above the long-term descending resistance line from which it previously broke out. Therefore, the drop may be just a retest (green circle). If the SHIB price bounces, it could retest the $0.0000157 high.

However, if it falls below the support line, a drop to the next support at $0.0000110 is likely.

Shiba Inu (SHIB) Price Movement
SHIB/USDT Daily Chart. Source: TradingView

Shiba Inu (SHIB) Price Prediction for March: End of the Correction Approaching

The technical analysis from the six-hour time frame shows that the SHIB price is in the C wave of an A-B-C corrective structure. The correction comes after the price completed a five-wave upward movement (black). 

Giving waves A:C a 1:1 ratio would lead to a low of $0.0000099. Since the target is close to the 0.618 Fib retracement support level at $0.0000108, a bottom between these two levels is likely. Afterward, the upward movement could continue. 

However, a decrease below the wave one low at $0.0000078 would invalidate this bullish forecast. In that case, the SHIB token price could fall toward $0.0000050.

Shiba Inu (SHIB) Price Prediction for March
SHIB/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely Shiba Inu price prediction for March is a drop toward $0.0000099 – $0.0000108, followed by an increase. A drop below $0.0000078 would invalidate this bullish Shiba Inu price forecast. In that case, the price could fall toward $0.0000050.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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