Shiba Inu Price Drops Sharply, Heading Towards This Important Support Area - Has It Passed?

The price of Shiba Inu (SHIB) is sharply declining this Tuesday, dropping to a low of 0.000026 dollars as Bitcoin continues to drain liquidity out of the cryptocurrency market in general and the newly launched Pudgy Penguins (PENGU) token is becoming the center of attention. There is increasing talk that PENGU, supported by its strong and popular NFT brand, may surpass the market capitalization of Shiba Inu, which could cause some concerns. And the technical indicators also do not paint the best picture for SHIB. The price of Shiba Inu has lost the grip of the 21DMA once again and seems likely to soon retest the 50DMA line in the $0.000025 area. Please provide a Vietnamese text to be translated. However, SHIB still remains within the upward trend channel and assuming that buyers buy when the price drops, the bullish argument in the short term remains strong. This is reinforced by the fact that whale activity on the blockchain has increased recently, according to reports on X.

Whales are often considered 'smart money' and when they start to move, it is a potential signal that the risk-reward ratio of cryptocurrencies is good. Can the price of Shiba Inu dog recover? The price of Shiba Inu is currently only down over 20% from its recent high and these losses could extend in the short term. However, the risk still leans towards a new cryptocurrency price increase at any time before the end of the year or the beginning of 2025. Optimism still prevails before the Trump administration takes office at the White House in January. A Bitcoin strategic reserve, which seems increasingly likely at the moment, could take BTC all the way to the moon. And that could mean switching to altcoins, including major meme coins. Meanwhile, the Department of Government Efficiency (DOGE) will focus on Dogecoin (DOGE) and the larger meme coin market. Thanks to its large community and relentless efforts to expand its utility, Shiba Inu will surely succeed in any upcoming meme season.

Although there may be further short-term declines, it signals a strong recovery by the end of the year or early 2025. How high can Shiba Inu fly? Assuming the price of Shiba Inu dog reaches a new high early this year, it could soon break the current record high of 0.000090 dollars. In addition, a parabolic price increase may occur. A price increase targeting the Fibonacci extensions of 3.618 or 4.236 from the low of 2023 back to the high of 2021 indicates the possibility of a potential 10-fold increase from the current level.

This will help Shiba Inu achieve a market capitalization of over $150 billion. It may seem absurd, but if Bitcoin reaches $200,000, its market capitalization will exceed $4 trillion. In this scenario, the market capitalization of SHIB will only be about 4% of Bitcoin, which is hard to believe given its position as a top meme coin in the market. The near future looks very bright for the meme coin and Shiba Inu space, although these are extremely volatile markets. To achieve great profits, investors also need to have the ability to HODL throughout periods of rapid and strong downturns. DYOR! #Write2Win #Write&Earn $SHIB (SHIBUSDT)