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Shiba Inu (SHIB) Bears in Action as Price Slips 19%

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Tue, 12/03/2024 - 9:46
Shiba Inu (SHIB) Bears in Action as Price Slips 19%
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Shiba Inu (SHIB) is currently buckling under its own weight with bears springing into action to force a negative close on March 11. At the time of writing, Shiba Inu is changing hands for $0.00003216, down by 7.16% in the past 24 hours. The sell-off is further extended on the monthly time frame as the token has given up over 19% of its valuation over the past week.

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SHIB 1D Price Chart. Source: CoinMarketCap

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Healthy correction or doomsday signal?

Shiba Inu has remained resilient over the past month, where it has managed to keep 245% of its growth surge. The meme coin has printed multiple records in the past month, including clearing a zero and turning the $0.00001 level to long-term support.

Shiba Inu has now also turned the $0.00002 and $0.00003 price levels into support zones that even the current slip in price has not been able to impact. Overall, Shiba Inu seeks to capitalize on its 238% growth over the past month to build new momentum on the current price level.

The Shiba Inu rally is a delicate one because it is merely riding on the wings of Bitcoin (ATH), the cryptocurrency that printed multiple all-time highs (ATHs) over the past week. With the impact of a deeper correlation with Bitcoin compared to its internal fundamentals, SHIB might only see as much growth as the broader market will permit.

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Key targets in focus

As far as Shiba Inu is concerned, the primary target remains to retest its ATH above the $0.00008 mark in the short term. While this still remains a daunting task for the digital currency, members of the Shib army are more optimistic overall, with a longer-term target to erase another zero from its current market valuation.

Clearing a zero will ultimately take it closer to achieving its dream of flipping Dogecoin (DOGE) and soaring to the $0.01 price mark in the long term.

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