The cryptocurrency known as Shrub [SHRUB] experienced an impressive 3122% upsurge over the course of nearly five days, spanning from the 9th to the 14th of November. Subsequently, it encountered a 34.4% decline. Presently, the memetic coin boasts a market capitalization of $159 million.
Shrub the Hedgehog serves as a meme coin on the Solana [SOL] network, closely following the lead of Peanut the Squirrel [PNUT]. While PNUT enjoys a significantly broader audience and commands a market cap of $1.9 billion at the time of writing.
The collection of Solana-based memes is flourishing in worth, with SHRUB standing as a prime specimen. Those holding onto SHRUB from a week ago have the option to sensibly liquidate their holdings, yet it’s crucial to note that we are currently in a bullish market phase, potentially paving the way for substantial upswings in the near future.
SHRUB Enters a Correction Phase with Diminished Momentum
A series of Fibonacci retracement and extension levels have been calculated based on the recent surge observed in SHRUB over the past week. Noteworthy retracement levels such as $0.1347 and $0.1048 have been highlighted, with the former already being tested as a support level.
The bulls exhibited a favorable response from this level. While a more profound retracement down to $0.0621 remains within the realm of possibility, it appears rather unlikely. In the grand context, if Bitcoin opts for an upward trajectory, meme coins are likely to mimic the trend. The prevailing sentiment surrounding meme coins has been overwhelmingly positive in recent weeks.
Therefore, attempting to predict the precise bottom might not be the wisest choice, given their inherent capacity for rapid and erratic price surges, as demonstrated in the past five days. The price activity observable on the 4-hour chart presented a bullish outlook, with a breach below $0.135 signaling the first indications of a shift in trend.
Although the Awesome Oscillator depicted red bars on the histogram, it still indicated a prevailing bullish sentiment. Concurrently, the On Balance Volume (OBV) has been on an upward trajectory, showcasing robust demand.
According to the Fibonacci levels, the subsequent targets lie at $0.321 and $0.418, representing additional increments of 55% and 100% respectively.
Disclaimer: The views expressed do not constitute financial, investment, trading, or any other form of advice and solely represent the author’s perspective.