Shrub crypto [SHRUB] rallied 3122% in nearly five days from the 9th to the 14th of November. Since then, it witnessed a 34.4% pullback. At press time, the meme coin had a market cap of $159 million.
Shrub the Hedgehog is a Solana [SOL] network meme coin that followed in the footsteps of Peanut the Squirrel [PNUT]. Although PNUT has a much wider following and stood at a $1.9 billion market cap at press time.
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The menagerie of Solana memes is exploding in value, SHRUB being one of the examples. Holders from a week ago can do the sensible thing and cash out, but it is a bull market, and there might be much larger rallies ahead.
SHRUB in a retracement phase, momentum slows down
A set of Fibonacci retracement and extension levels were plotted based on the rally SHRUB saw in the past week. Relevant retracement levels were outlined, such as $0.1347 and $0.1048. The former has been retested as support already.
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The bulls made a positive reaction from that level. A deeper retracement to $0.0621 is possible, but unlikely. Contextually, when Bitcoin decides to run higher, the meme coins will likely follow. The sentiment behind memes has been overpoweringly bullish in recent weeks.
Hence, trying to time the bottom might not be a wise decision due to its innate nature of being able to pump quickly and wildly, as evidenced by the past five days. The price action on the 4-hour chart was bullish, and a drop below $0.135 would be the first sign of a trend shift.
The Awesome Oscillator made red bars on the histogram but still showed dominant bullish sentiment. The OBV has also been in an uptrend, showing demand is firm.
The next targets, based on the Fibonacci levels, are at $0.321 and $0.418, another 55% and 100% higher.
