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- 1 Shiba Inu price (SHIB) slid 0.38% in the last 24 hours and is currently trading at $0.0000078.
- 2 Shiba Inu (SHIB) data states that whales hold a total of 65.9% of the supply with a significant decrement of 4% over the past 1 year.
SHIB is the main token of the Shiba Inu network, a decentralized, community-driven money for millions worldwide. The SHIB token started in late 2020 on Ethereum and became a global sensation. Hundreds of places accept SHIB as payment, either directly or through others.
The Shiba Inu coin price is currently trading at $0.0000078 with a decline of 0.38% in the past 24 hours. Shiba Inu cryptocurrency holds a total market cap of $4.64 Billion and ranks 17th in the crypto market.
SHIB token has a trading volume of $87.48 Million, with a decline of 31.56% over the past 24 hours. It has over 589.35 Trillion tokens in circulating supply. The volume-to-market cap ratio of the SHIB token is 1.89% indicating low volatility in the market.
Shiba Inu Price Prediction Using Price Action Strategy
SHIB Technical analysis reveals that the token slid nearly 30% in May 2023 after the breakdown of crucial support. The price declined and formed a new swing low at $0.00000578. After that, the price tried to recover, but the previous support turned into resistance, and the price declined.
Recently, the price is consolidating above the swing low and forming an ascending triangle pattern. The price is forming higher lows but lacking momentum, which shows weak hands participation in the buying. Currently, the price is trading near the trendline from where it may again get the short-term support of buyers.
Now, the price seems to be in a short-term-uptrend until the price remains above the trendline support. Also, if the sellers are able to break and sustain below the trendline support, then the price may continue its long-term downtrend and may slide up to $0.0000072 and $0.00000652.
SHIB Price Forecast from Indicators’ point of view
As per the EMA analysis, the SHIB price suffered rejection from the 100 EMA. Currently, the price is trying to sustain near 50 EMA after the breakdown of which price may decline further.
At the time of publishing, the RSI value of the Shiba Inu coin is 54.18, and that of the SMA line is 53.16. RSI is recovering slowly after entering into an oversold zone, indicating a lack of momentum in the recovery, and it might be a pullback.
MACD lines are about to make a bearish crossover. Also, Histogram bars are being formed above the mean line but with no increment in the height, indicating a pullback and a possible reversal.
Conclusion
Shiba Inu price prediction started on the basis of when the price slid by nearly 30% in May 2023. Thereafter the price tried to recover by forming higher lows. But the price seems to be lacking momentum indicating a pullback before further trend continuation. Now, Until the price remains above the trendline support, it will remain in a short-term uptrend. Moreover, if the sellers dominate and are able to break and sustain below the trendline, then the price may slide to test lower support levels.
Technical Levels
- Support levels: $0.0000072 and $0.0000065.
- Resistance levels: $0.0000086 and $0.0000093.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
