Shrub crypto gains 3100% within five days – Should you take profits or HODL?

SHRUB saw a heavy influx of buying volume that drove a 31x rally in five days.
Holders and new buyers must be wary of heightened volatility, and a BTC uptick could see a SHRUB surge.

As a seasoned crypto investor with a knack for spotting opportunities in the meme coin market, my heart skipped a beat when I witnessed SHRUB’s 3122% rally in nearly five days. The adrenaline rush was reminiscent of my early days in Bitcoin, back when it shot up from pennies to dollars.

Over approximately five days from November 9th through November 14th, the value of the cryptocurrency known as SHRUB surged an impressive 3122%. However, since then it has experienced a decline of 34.4%. Currently, its market capitalization stands at around $159 million.

The Shrub Hedgehog, similar to Solana’s meme token, is a coin that mimicked the path taken by Peanut the Squirrel [PNUT]. However, it’s important to note that Peanut currently boasts a larger fanbase and had a market capitalization of $1.9 billion at the time of reporting.

The collection of Solana meme tokens is rapidly increasing in worth, with SHRUB serving as one example. Those who held these a week ago could make a wise decision by cashing out, but given that we’re in a bull market, there may be even bigger surges to come.

SHRUB in a retracement phase, momentum slows down

In the previous week, a series of Fibonacci levels – both retracement and extension points – were drawn up to analyze SHRUB’s recent surge. Notable retracement points like $0.1347 and $0.1048 were highlighted, with the former having been previously tested as a support level.

As a crypto investor, I noticed that the bulls have shown a positive response at this level. However, there’s a possibility of a deeper dip down to $0.0621, but it seems improbable given the current momentum. It’s worth mentioning that when Bitcoin surges, meme coins tend to follow suit. Lately, the mood surrounding memes has been overwhelmingly bullish, hinting at potential high gains in the near future.

Therefore, it could be risky to predict when the bottom will occur because it tends to rise rapidly and unpredictably, as demonstrated by the last five days. The 4-hour chart shows an uptrend, and a dip below $0.135 would suggest a potential change in trend direction.

Read Shrub’s [SHRUB] Price Prediction 2024-25

Despite the red bars on the Awesome Oscillator’s histogram suggesting bearish signs, a strong bullish mood persists due to its dominance. Additionally, the On-Balance Volume (OBV) has been steadily increasing, indicating that demand remains robust.

Based on Fibonacci projections, our potential future price points lie at approximately $0.321 and $0.418. This represents a rise of around 55% and 100%, respectively, from the current level.

2024-11-16 01:11

SHRUB in a retracement phase, momentum slows down

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