Shiba Inu Price Downtrend Continues: Expect Further Decline
The price of Shiba Inu (SHIB) is expected to continue its downtrend, with a potential further decline of 20% on the daily chart. However, there is a chance for recovery if SHIB manages to bounce back from a crucial support level.
Shiba Inu Price Fall
Currently, Shiba Inu is trading at $0.00002542, unable to reclaim the support level of $0.00002800. The overall bearishness in the market, triggered by the decline in Bitcoin price, has contributed to the downward movement of SHIB.
One of the key reasons for the price fall is the lack of support from SHIB holders. New investors are pulling away from the meme token, as indicated by the decline in network growth. This suggests that Shiba Inu is losing traction in the market.
Short-Term Holders and Potential Corrections
Another factor impacting SHIB’s price is the movement of a significant portion of supply into the hands of short-term holders. These holders are more likely to sell their assets suddenly, making them vulnerable to profit-taking. Over the past four days, more than 23 trillion SHIB worth $582 million has been transferred to these wallets.
SHIB Price Prediction: Another Day, Another Dip
Based on current trends, it is anticipated that Shiba Inu’s price could decline further to $0.00002268, which has previously acted as both resistance and support. However, stronger support can be found at $0.00002039, coinciding with the 100-day EMA (Exponential Moving Average).
If SHIB reaches this level, there is a higher possibility of the price correction halting, potentially resulting in a 20% bounce back.
Chart Analysis and Potential Recovery
The 100-day EMA can serve as a crucial support level for SHIB. If the meme coin reverses its direction from this point, it could climb towards the resistance at $0.00002835, which would invalidate the bearish thesis.
Hot Take: Shiba Inu Price Downtrend Continues, Recovery Possible
The price of Shiba Inu (SHIB) is continuing its downtrend, with a potential further decline of 20%. However, there is hope for recovery if SHIB manages to bounce back from a crucial support level. The lack of support from SHIB holders and the movement of supply into short-term holders’ wallets are contributing to the price fall. It is predicted that SHIB’s price could decline to $0.00002268, but stronger support lies at $0.00002039. If SHIB reaches this level, there is a chance for a 20% bounce back. The 100-day EMA can act as a crucial support level for SHIB’s potential recovery.
Sources:
TradingView,
Santiment,
IntoTheBlock
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