It was a media frenzy as everyone watched SHIB overtake DOGE to take a spot in the top ten. But the last few days of unprecedented growth has made SHIB overbought according to the RSI. A correction was going to happen. And as SHIB corrected DOGE decided to come back. This is not a crash it’s a correction or pull back.
Corrections are healthy and needed. You know the phrase “buy the dip”. Dips are great opportunities to buy back in. I’ve circled the previous corrections of the past few days. Notice that after a correction SHIB bounces right back.
Take note that as we continue to reach these all new highs there will be more dips and corrections. It is not a straight path up.
The next thing to be aware of are support levels and resistance levels. Resistance levels are new highs and support levels are where it bounced off of. According to my chart above we have a strong support at .000058. Today we dropped below .00006 but have since recovered back to above .00007. We should see SHIB move sideways and up to continue its March to .00008 then .00009 then eventually .0001.
If your new to crypto HODL. Beginners make the mistake of selling on corrections. It’s called a panic sell. Or paper hands is what you’ll hear from the community. Don’t fall for it. Know the game to win the game.
Expect these steep corrections after large rallies. The bigger the rally the steeper the correction/ pull-back. The market is still very bullish and SHIB is expected to keep on rising.
No worries and let’s go. This weekend can be epic for SHIB.
Note: I’m not a financial advisor. I’m a crypto enthusiast and am sharing my journey. Don’t take anything I say as financial advice. Crypto is volatile and you could lose a lot of money. Know the risks. Do your own due diligence and own your decisions.