Shiba Inu Coin Price: Here’s What To Do As SHIB Bottoms
Highlights
- Meme coins bled profusely after Bitcoin plunged below $60,000.
- Shiba Inu defends $0.000015 support but correction to $0.0001 cannot be ruled out.
- An oversold RSI suggests SHIB’s downtrend is almost over, with bulls likely to take control.
Shiba Inu Coin Price Prediction: Meme coins like Shiba Inu, Dogecoin, and Pepe are falling drastically amid the bloodbath in the crypto market this week. Although bears dominated trading in June, Bitcoin toppling $60,000 support intensified pressure on the sell side.
A sharp 10% correction pushed SHIB to exchange at $0.000015 on Thursday. Based on the weakening technical structure, traders may be anticipating the downtrend to continue on Friday and possibly into the weekend.
Major meme coins like Dogecoin were not spared either, especially now that bulls are fighting for dear life above $0.1 support. Pepe Coin is also down by a noticeable 8% to $0.0000093.
Shiba Inu Coin Price Prediction: What’s Next As SHIB Breaks Triangle Pattern
A descending triangle pattern formed after Shiba Inu rejected the Q1 top at $0.000035 has been gradually building toward this week’s breakdown.
Many attempts to weaken the descending trendline or hypotenuse resistance bore no fruits due to various pertinent factors from the bearish sentiment, profit-taking, and increased appetite for short positions among traders in the last few weeks.
A couple of death cross patterns accentuated the bearish grip on the meme coin resulting in the breakdown at the triangle support. This encouraged traders to short SHIB, contributing to the selling pressure.
Short positions are likely to soar with the Moving Average Convergence Divergence (MACD) presenting a sell signal. This call to investors to sell SHIB materializes as the blue MACD line crosses below the red signal line.
Support at $0.000015 remains critical and will play a major role in the expected trend reversal. Conversely, losing this level as support could ignite another round of selling pressure as Shiba Inu prediction reveals a drop to $0.00001 in search of liquidity.
On the other side of things, an oversold Relative Strength Index (RSI) signals that sellers are exhausted. Therefore, chances are high that a recovery is in the offing.
Traders would also be willing to buy Shiba Inu Coin at this level of support, considering the meme coin’s ability to rebound during past corrections.
Shiba Inu will remain suppressed as long as the resistance between $0.0000165 and $0.000017 holds. Doldrums can also be expected above the $0.00015 support until SHIB climbs toward $0.00002.
Frequently Asked Questions (FAQs)
1. What’s the origin of Shiba Inu Coin?
2. What is the Shibarium protocol?
3. Has Shiba Inu bottomed?
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