The value of Shrub cryptocurrency [SHRUB] soared by 3122% in just under five days, starting from the 9th and lasting until the 14th of November. Following this surge, the coin experienced a 34.4% decline. As of the latest data, this meme coin holds a market capitalization of $159 million.
Shrub the Hedgehog operates on the Solana [SOL] network as a meme coin, taking after the phenomenon of Peanut the Squirrel [PNUT]. However, PNUT boasts a significantly larger audience and currently maintains a market cap of $1.9 billion.
The collection of Solana-based memes, including SHRUB, has seen a dramatic rise in value. While holders from a week ago may consider taking profits, the current market conditions suggest the possibility of even greater rallies in the future.
SHRUB Enters a Retracement Period as Momentum Subsides
Analyzing the recent rally in SHURB, a series of Fibonacci retracement and extension levels were identified. Key retracement points, like $0.1347 and $0.1048, have been pinpointed, with the former already tested as a support level.
The bullish response from this level was notable, indicating a potential deeper retracement to $0.0621, though such an occurrence seems less probable. With Bitcoin likely to drive the market dynamics, meme coins are expected to follow suit. The prevailing sentiment around these memes has been overwhelmingly bullish in recent times.
Attempting to predict the market bottom could be risky due to the rapid and volatile nature of meme coins, as illustrated by recent events. From a technical perspective, the 4-hour chart signals a bullish trend, while a drop below $0.135 might signify a shift.
Despite red bars appearing on the Awesome Oscillator histogram, the bullish sentiment remains predominant. Moreover, the On-Balance Volume (OBV) continues to trend upward, underscoring strong demand.
Referring to the Fibonacci levels, the next price targets stand at $0.321 and $0.418, representing potential increases of 55% and 100%, respectively.
Disclaimer: The writer’s opinions are presented for information purposes only and should not be considered as financial, investment, or trading advice.