Shiba Inu Price Prediction: Is the Correction Trend Extending to $0.000066?
The recent downtrend in Shiba Inu’s price has seen a drop below the crucial EMAs (20, 50, 100, and 200), indicating a bearish short-term trend. This downward movement in SHIB price could potentially lead to demand pressure around the $0.0000075 level. Additionally, the intraday trading volume for Shiba Inu is $181.5 million, showing a 12% increase.
The Shiba Inu meme coin is currently undergoing a correction phase and has lost its previous bullish momentum. The asset had been trading within a symmetrical triangle, but the recent break below the support trendline signals a bearish trend reversal, leading to a 17.6% decrease in value over a two-week period.
Sellers are currently in control on the 4-hour timeframe chart, and have tested the $0.00000750 level, gaining support from increased trading volumes as fear grips the market. If the downtrend continues below $0.00000756, the next support level at $0.0000066 could be tested.
Can SHIB Price Make a Comeback?
While the recent downtrend has impacted SHIB’s price, there is a possibility for a potential recovery. If the price manages to surpass the breached EMAs, the uptrend can gain momentum, with a breakout above the 200-day EMA providing confirmation of a recovery sentiment returning to the asset.
Bearish indicators, such as a potential crossover between the 50 and 100 EMA and a wide gap between the VI+ and VI- slope, reflect continued selling pressure and seller dominance in the market.
Hot Take: Shiba Inu Price Downtrend Signals Bearish Reversal
The current downtrend in Shiba Inu’s price signals a bearish reversal, with potential further downside as the asset breaks below key support levels. While a recovery is still possible, bearish indicators suggest continued downward pressure.
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