2023-12-1 22:45 |
Shiba Inu, the self-proclaimed “Dogecoin killer,” had taken the cryptocurrency world by storm in the last bull run, captivating investors with its meme-centric approach and impressive price trajectory. However, given the recent market action, many are left wondering what the future holds for the canine-themed coin.
The SHIB token currently trades at $0.000008217, with the 24-hour trading volume and market cap hovering at $295 million and $4.8 billion, respectively.
Today, we will look at SHIB’s fundamentals to determine if the token will sustain the price increase it has been displaying for the past week.
Shiba Inu Price PredictionPredicting Shiba Inu’s price involves various technical and fundamental factors that could influence its future trajectory. From a technical standpoint, the immediate resistance at $0.0000086 and successive levels at $0.0000089 and $0.0000092 will play a pivotal role in determining whether SHIB can shift towards an upward trajectory. Conversely, support levels at $0.0000079, $0.0000076, and $0.0000073 are crucial in preventing further declines.
The Relative Strength Index (RSI) currently stands at 55, reflecting a bearish sentiment, suggesting the potential for a downtrend or a lack of strong upward momentum. The 50-Day Exponential Moving Average (EMA) at $0.0000083 further supports the bearish trend, indicating that SHIB is trading below this mark.
Chart analysis reveals a downward trendline providing resistance at $0.00000860, accompanied by a 50 EMA bearish crossover and a bearish engulfing candle pattern, signalling a selling trend. The confluence resistance at $0.0000083 from the 50 EMA and the 100-day EMA poses a significant obstacle.
The market sentiment, guided by technical indicators, leans towards a bearish preference, and breaking through either resistance or support levels could signify significant price movements for Shiba Inu. The MACD indicator signals a sell trend, emphasizing the downside risk.
On the other hand, potential opportunities arise from dips, with support areas at the 200-day EMA and a buyer congestion zone at $0.000008. Investors may find buying opportunities during pullbacks as they are integral to the continuation of the uptrend. The ongoing correction could pave the way for a substantial rally, potentially pushing Shiba Inu above $0.001.
Fundamental factors, such as the dramatic increase in the token burn rate, exceeding 444,000%, add a layer of optimism. The token burn program, reducing the available supply, is crucial for enhancing Shiba Inu’s value. Despite the positive momentum, declining large transaction volume and waning whale interest raise concerns.
Institutional investors seem to be pivoting, inducing a key liquidity buffer that stabilizes prices. Shiba Inu bulls must defend the $0.000077 support level, and a breakdown could lead to a larger correction targeting the $0.000006 zone. In this environment, traders may consider locking in gains before potential bearish control takes hold.
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