SHIB Price Analysis: Bearish Sentiment Prevails
Much like other cryptocurrencies, Shiba Inu (SHIB) is currently facing downward pressure due to recent geopolitical developments. Although the bears seem to be losing steam, SHIB remains largely bearish. Its current price is $0.0000068794, reflecting a 0.78% decline in the last 24 hours and a 5.28% drop over the past week. The charts also show a 4.8% decrease in the last month.
SHIB Price Action Analysis
On the daily chart, Shiba Inu has formed a falling wedge pattern, indicating a potential continuation of the downtrend below $0.00000651. However, there is also a possibility of a bullish revival if SHIB manages to bounce back from critical support levels.
Currently, SHIB is trading below its 50-day and 200-day simple moving averages (SMAs). However, its relative strength index (RSI) on a 14-day timeframe suggests a neutral condition for Shiba Inu.
Sentiment and Predictions
According to technical analysis on TradingView, sentiment for SHIB is currently classified as ‘strong sell’ with moving averages and oscillators also indicating selling pressure.
Predictive algorithms from CoinCodex forecast a further decline in SHIB’s price, reaching $0.00000642 by October 16. PricePredictions platform predicts a slightly higher price of $0.000006716 by October 18 and $0.000006421 on November 11.
CoinCodex’s longer-term models suggest an increase in SHIB’s price, reaching $0.000007618 by November 10 and $0.000007961 by January 1, 2024.
Positive Developments and Future Outlook
If there are positive developments within the Shiba Inu network, SHIB’s price may improve in the future. Shytoshi Kusama, the team leader of Shiba Inu, has shared details of the careful approach to Shibarium validator integration, an increase in staking rewards, and plans to boost the SHIB burning mechanism.
Hot Take: SHIB Remains Bearish with Potential for a Bullish Reversal
Despite facing bearish pressure in the cryptocurrency market, Shiba Inu (SHIB) shows signs of potential for a bullish reversal. While SHIB’s current price reflects a decline, technical analysis and predictive algorithms suggest both bearish and bullish scenarios. Positive developments within the Shiba Inu network could contribute to an improvement in SHIB’s price in the future. Investors should closely monitor market trends and upcoming updates from the Shiba Inu team to make informed decisions.
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