As a crypto investor with some experience in the market, I’ve seen my fair share of ups and downs, especially when it comes to meme coins like Shiba Inu (SHIB). The recent price correction has been disheartening, to say the least. The weakening technical structure of SHIB, along with the bearish sentiment in the market, has intensified pressure on the sell side, pushing SHIB down by 10% to exchange at $0.00015 as of Thursday.
As a market analyst, I’ve been observing the recent trends in the cryptocurrency market closely. Meme coins like Shiba Inu, Dogecoin, and Pepe have experienced significant price declines this week amidst the market-wide downturn. Although bears held sway in June trading, the fall of Bitcoin below the $60,000 support level intensified selling pressure.
On Thursdays trading session, SHIB experienced a significant 10% decrease in value, causing it to be exchanged at approximately $0.00015. Due to the deteriorating technical signs, traders are forecasting that this downtrend could persist through Friday and potentially extend into the weekend.
Meme currencies such as Dogecoin and Pepe Coin experienced significant declines, with Dogecoin failing to hold above the crucial $0.1 support level, causing a drop of around 8%. Pepe Coin followed suit, falling by approximately 8% to reach $0.0000093.
Shiba Inu Coin Price Prediction: What’s Next As SHIB Breaks Triangle Pattern
As a crypto investor, I’ve noticed that Shiba Inu reached its peak in Q1 at $0.00035, but subsequently rejected this level and began forming a descending triangle pattern. Over the past few weeks, this triangle has been gradually building tension, with resistance and support levels converging towards each other. However, this week saw a breakdown of the triangle’s support line, indicating that the downward trend for Shiba Inu may continue.
Several efforts to undermine the downward slope or hypotenuse resistance have failed recently due to bearish market sentiment, profit-taking, and a growing preference among traders to take short positions.
The ominous appearance of a few death cross formations intensified the downward trend for the meme coin, causing it to crack beneath the triangle’s supportive foundation. This development led traders to consider initiating short positions on SHIB, thereby increasing the overall bearish momentum.
Investors should consider taking short stances as the Moving Average Convergence Divergence (MACD) indicator signals a selling opportunity. This recommendation is triggered when the blue MACD line drops beneath the red signal line.
As an analyst, I can tell you that the current support at $0.00015 for Shiba Inu is crucial and will significantly impact the anticipated trend reversal. On the other hand, if this level were to give way and function as resistance instead, it could trigger additional selling pressure. According to our prediction model, Shiba Inu’s price may dip down to $0.0001 in an attempt to find sufficient liquidity to stabilize.
From a seller’s perspective, an overextended Relative Strength Index (RSI) indicates they have sold extensively. Consequently, it’s likely that a reversal or recovery will soon follow.
Traders are open to purchasing Shiba Inu Coin when its price reaches this level of support due to the meme coin’s history of bouncing back during previous market downturns.
The price of Shiba Inu is predicted to stay low as the resistance levels at $0.000165 and $0.00017 continue to limit its growth. A period of stagnation may occur above the support level at $0.00015, until SHIB manages to advance toward $0.0002.
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2024-07-04 20:10