TL:DR;

• Shiba Inu surged on Sunday but retraced hard on Monday, alongside the rest of the market.
• However, certain analysts believe this could be the calm before the storm, and they even envision a new all-time high for the popular meme coin.

SHIB’s Monday Downfall

CryptoPotato reported yesterday the positive price developments around the second-biggest meme coin. At the time, SHIB was the top performer from the larger-cap alts, having surged by over 15% on a 24-hour scale. As a result, SHIB skyrocketed to its highest levels since March this year of over $0.000033.

However, the entire crypto landscape changed on Monday, with many assets plunging hard. Bitcoin, for example, dumped from over $98,000 to under $95,000 amid some potential profit taking from whales.

Shiba Inu’s largest native token was not spared either, dumping by nearly 10% on a daily scale to well below $0.00003. However, popular X analyst Diamond-Hands noted that SHIB’s correction could be over now, and the asset seems primed for a new wave up from this point.

Correction done on $SHIB

WE MIGHT GET ANOTHER WAVE UP FROM HERE #ShibaInu https://t.co/Buw6BtI6CV pic.twitter.com/h6M0Uwz6jB

— DIAMOND-HANDS (@TamngwaB) December 2, 2024

Ali, another well-known technical analyst, has $0.000037 in sight and