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.
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.
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.