Price Analysis

Shiba Inu Price Poised for 5% Drop this Week, But There’s a Catch

Shiba Inu Price: Amid the increasing burn rate and growth in Shiabrium’s daily traction, the native token SHIB is poised for notable recovery.
Published by
Shiba Inu Price Poised for 5% Drop this Week, But There’s a Catch

Highlights

  • The Shiba Inu will prolong the recovery trend until the lower support trendline is intact.
  • The falling price will face notable demand pressure at the combined support of $0.0000092.
  • The 24-hour trading volume on the Shiba Inu is at $256 Million with a 70% gain.

Shiba Inu Price: SHIB, the second largest meme cryptocurrency is witnessing waning bullish momentum below the $0.00001 psychological level. The coin price reversal from the overhead resistance promotes a sideways action mirroring the consolidation in Bitcoin price. Will this correlation plunge the SHIB price below $0.00009 if the BTC price enters a new correction from $52000?

Also Read: Shiba Inu Coin Price Forecast As Shibarium Skyrockets, Will SHIB Hit $0.0001 Before March?

Advertisement

Why Shiba Inu Price May Rebound from $0.000009

Shiba Inu Price| Tradingview

An analysis of the daily time frame chart shows the mid-term trend in Shiba inu price is bullish under the influence of an ascending trendline. The dynamic support has carried a recovery trend in the SHIB price since late October 2023.

From the swing low of $0.00000661, this memecoin surged 45% to current trade at $0.00000964. The prices rebounded from this support during market correction reflect an active accumulation point for buyers.

However, with the weakening of buying momentum in the market, the SHIB price plunged 3% today, currently trading at $0.00000963. If the supply pressure persists, the sellers may drive a 4-5% downfall to hit the aforementioned trendline.

Additionally, the Shiba Inu ecosystem has seen a remarkable uptick in activity, with its layer-two solution, Shibarium, recording an impressive 3 million daily transactions and its Total Value Locked (TVL) approaching the $1 million mark. This suggests a rapidly growing adoption and utilization of the network. 

Complementing this growth, data from the burn tracker Shibburn reveals a dramatic 298.21% increase in SHIB’s burn rate, with 2.03 million SHIB tokens being taken out of circulation in the last 24 hours. This substantial burn rate indicates a strong community-driven effort to reduce supply, potentially leading to increased scarcity and value for the remaining SHIB tokens.

Amid this development, the coin price is well positioned for another reversal from the rising trendline. This potential upswing will push the asset value by 14% to hit $0.0000105.

Also Read: Crypto Prices Today: Bitcoin Drops Below 52K, XRP & ADA Gain As PEPE Dips

Advertisement

Technical Indicator:

  • Exponential Moving Average: A flattish move in 100-and-200-day EMA reflects the broader trend is sideways
  • Moving Average Convergence Divergence: The closing gap between the MACD and signal line for a bearish crossover reflects the increasing selling pressure in the market.

Related Articles: Crypto Headlines Of The Week: Bitcoin, Shiba Inu, & Terra Fuels Inferences

Share
Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition

Chainlink price has been carving a path of resilience, supported by steady inflows and consistent…

September 6, 2025
  • Price Analysis

Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut

Cardano price is eying a 30% surge in the coming weeks after forming a highly…

September 5, 2025
  • Price Analysis

ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?

Ethereum ETF products have gained increased attention as the market observes new institutional entries. At…

September 5, 2025
  • Price Analysis

Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?

Bitcoin price has continued to draw attention as the market reacts to fresh catalysts. At…

September 5, 2025
  • Price Analysis

ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?

At press time, ONDO trades at $0.9083, marking a 5.2% drop in the past day.…

September 5, 2025
  • Press Release

Dogecoin Price Forecast as REX Osprey ETF Sparks Hype — Is $5 Within Reach?

Dogecoin price has entered the spotlight again as technical structures and institutional filings spark optimism.…

September 5, 2025