2022-3-15 02:16 |
Shiba Inu (SHIB) appears to be facing several key bearish elements that could sink the price to a new yearly low. The coin, which was the star of 2021, has faced a lot of pressure this year. But how do you play out this possible drop? Details are below but first, some highlights.
SHIB has remained lower than its 55- and 200-day SMAs in recent weeks.
The coin is also highly susceptible to geopolitical headwinds in Europe.
At press time, SHIB was trading at $0.00002173, down 3% for the day.
Data Source: Tradingview
Shiba Inu (SHIB) – how to play this downtrend?The bearish sentiment around Shiba Inu is not surprising. In most cases, when the broader market drops, meme coins like SHIB tend to get the biggest hit. After all, not many investors will be targeting meme coins if the general risks in the market remain high.
The fact that SHIB is now below its 55- and 200-day SMAs suggest a bearish alignment. The coin could drop towards its main support of $0.00001704 before it finds any leg up. This will be a 25% plunge to the downside, and it could mean SHIB will be at its lowest in 2022.
The geopolitical pressures in Europe won’t make things easier as well. The best way to play this out would be to short SHIB in the near term and go long once the price bottoms at $0.00001704.
Has Shiba Inu (SHIB) lost momentum?After dominating the crypto market in 2021, there are fears that Shiba Inu may have lost momentum. After all, meme coins tend to fade away very fast. But SHIB is huge, and it's not going away anytime soon.
After the record-breaking highs of 2021, it was expected that in 2022 the coin would struggle to gain such traction. But despite this, it still remains one of the best meme coins to invest in.
The post Shiba Inu (SHIB) could hit yearly lows with a 25% drop – How should you play this out? appeared first on Coin Journal.
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