Shiba Inu (SHIB) has been on a downward spiral lately, with a 4% drop on Thursday and a potential retest of its April lows looming. As traders weigh the pros and cons, the question on everyone's mind is whether this could be the perfect buy-in moment.

Technical Woes and Bitcoin's Impact

Technical Worsening: SHIB's technicals have worsened in June, and Bitcoin's failure to break new yearly highs could signal a downturn for SHIB.

Bitcoin's Consolidation: Bitcoin's recent rejection of $70,000 could mean that SHIB will succumb to more sell pressure, as the consolidation of the past three months continues.

Support Zone and Potential Rebound

Strong Support Zone: The $0.000018 area has previously been a strong support zone for SHIB in 2024. A retest of this zone could be the perfect moment to buy back in.

Retracement: SHIB has now retraced over 50% from its highs near $0.000046 earlier this year.

Bull Market Potential

Record Highs: Assuming SHIB can challenge its record highs again at some point during the ongoing bull market, gains of at least 4x could be in the bag.

Market Cap: That would take SHIB back to a market cap of around $50 billion.

DOGE Comparison: With many betting that Dogecoin (DOGE) can hit $1, and a market cap of over $140 billion this cycle, that could imply bigger upside ahead of SHIB.

Alternative to SHIB: Play Doge (PLAY)

P2E Utility: Play Doge (PLAY) is an exciting new play-to-earn (P2E) utility-infused new meme coin that could offer bigger gains of the 50-100x region.

Top Pick for 2024: See the below video by CryptoNews' in-house analyst as to why it is one of their top picks for 2024.

Conclusion

Shiba Inu's recent price drop could be the perfect buy-in moment, but it's crucial to consider the technical and market trends before making a move. Will SHIB rebound or continue to fall? The answer lies in the charts and market sentiment.