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- 1 Shiba Inu price prediction is bearish till it trades below the 200-day EMA.
- 2 SHIB price is trading below both the EMAs which showcase a downtrend.
- 3 Shiba Inu price is consolidating near the demand zone.
Shiba Inu price prediction is mildly bearish till it trades below the 200-day EMA. However, the price is near the demand zone and buyers are trying their best to rebound.
SHIB price declined by forming lower lows and eroding the majority of its previous gains.
Shiba Inu price is trading below the 50 and 200-day EMA that showcase a downtrend. Buyers have tried multiple times to climb above the 50-day EMA to reverse the short-term trend but it got rejected which indicates that the sellers are active on the higher levels.
At the beginning of June 2023, Shiba Inu price dropped below the crucial support of $0.00000800 which triggered panic selling. The sellers failed to give the follow-through momentum and the downfall took a halt near $0.00000600.
Later, prices consolidated for a few weeks in the narrow range and showed signs of base formation. The crypto leader BTC price holds the $30K mark. If the BTC price continues the momentum, then SHIB crypto might get positively impacted.
Shiba Inu price is trading at $0.00000782 with an intraday rise of 1.03%. The 24-hour volume to market cap is 532.09%.
Will Shiba Inu Price Recover from Oversold Territory?
Shiba Inu price performed well at the beginning of 2023 but buyers failed to hold the higher levels. Gradually, it declined and eroded complete gains. It disappointed the expectation of long-term investors.
Till Shiba Inu sustains above $0.00000600, the prices might bounce back from the demand zone.
However, the prices will pick up momentum when buyers will be able to break out of the 200-day EMA. On the other hand, if the SHIB price drops below $0.00000600, then more downside will open.
SHIB Price Analysis on Weekly Time Frame
SHIB price is forming a Doji candle on the weekly timeframe. It seems that fresh buyers are reluctant to build long positions from the lower levels.
The MACD generated a positive crossover and the curve rising upward indicates mild bullishness. The RSI at 53 denotes neutral territory and a tug-of-war between buyers and sellers.
Conclusion
Shiba Inu price prediction is bearish till it trades below the higher time frame EMA. SHIB price is consolidating for the base formation. The technical analysis suggests Shiba Inu crypto is undervalued.
Technical Levels
- Resistance Levels: $0.00000900 and $0.00001190
- Support Levels: $0.00000700 and $0.00000500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
