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- 1 Shiba Inu price prediction suggests the correction has over and short-term pullback is possible.
- 2 SHIB price again dropped below the 50-day and 200-day EMA.
- 3 Shiba Inu crypto is trading near the monthly lows.
Shiba Inu price prediction remains bullish for September month till it holds the previous month’s low. The prices are near to the demand zone and buyers will try their best to rebound.
SHIB price slipped below the 50-day and 200-day EMA. It showcases the trend has again reversed in the downward direction. However, the EMAs are sloping sideways, denoting prices may spend some time in consolidation.
At the beginning of August, the Shiba Inu crypto price breakout of the $0.00000900 hurdle. At the same time, the buying volume also surges which increases the reliability of the breakout.
SHIB price rallied 30% (approx.) in the short period of time and showed signs of a bullish trend reversal. However, the up move was not long-lasting and buyers failed to sustain the higher levels.
The momentum halted at $0.0001136 and prices witnessed minor profit booking. Sadly, the overall market turned bearish which triggered further downfall and prices eroded the gains of August month.
Shiba Inu’s price is trading at $0.00000815 with an intraday rise of 1.88%. The 24-hour volume to market cap is 3.94%.
Will Shiba Inu Price recover or decline further?
Shiba Inu price prediction suggests prices are oversold so minor narrow-range consolidation or bounce back is possible.
In the past few weeks, SHIB crypto witnessed a massive spike in the buying and selling volume. It shows that the speculative activities are high.
Till the SHIB price holds the $0.00000700 support the probability of recovery remains high. However, the prices will gain momentum when buyers are able to regain the 200-day EMA. On the other hand, if the price drops below the $0.00000700 support then more will open.
SHIB Price Analysis on Weekly Time Frame
SHIB price fell 18.77% in the previous week and formed a bearish candle. Luckily, at present, the buyers defended the weekly lows and displayed a hammer candle. It shows that the responsive buyers are active in the demand zone.
The MACD curve reversed down and generated a negative crossover. It indicates crypto prices are likely to trade with a mild bearish bias. The RSI at 42 denotes weakness and if prices declined further then it might test the oversold territory.
Conclusion
Shiba Inu’s price prediction is bullish and suggests a temporary pullback rally is possible. SHIB price is near to the demand zone so the downside risk is low. The technical analysis suggests that prices may recover but testing the August month high will be difficult.
Technical levels
- Resistance levels: $0.00000939 and $0.00001136
- Support levels: $0.00000700 and $0.00000638
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
