The popular memcoins like Shiba Inu, Dogecoin, etc appear to have been dimmed behind numerous memecoins in the market like BabyDoge, DogeElon, etc. And for this reason, the traders may have shifted their focus to other tokens.
Therefore leaving the asset drowning in the bearish well. SHIB price, with the recent plunge, slid below $0.00003 levels yet again within 10 days, manifesting a significant downtrend awaiting ahead.
The popular memecoin, Shiba Inu roared like a giant during the beginning of Q4 2022. As the asset attempted to gulp another zero, the bear stood to extract profits which dragged the price down more than 70%. However after a prolonged accumulation, the asset is expected now to break through the descending consolidation very soon.
What’s Next For Shiba Inu ( SHIB) Price ?
- SHIB price is reaching the apex of its extended consolidation and hence a notable flip could be inevitable
- Yet the asset is expected to visit lower levels and hit the crucial support levels at $0.000024 before attempting a rebound.
- However, the short-term forecast is extremely bearish for the asset but the Average True Value(ATR) says the asset is highly volatile and hence may be extremely risky at the moment.
- On the other hand, despite the bearish trend prevailing, the bulls appear a little stronger as the bull-bear power is notably bullish signifying the growing strength of bulls in the short term.
- Additionally, the RSI is following a downtrend displaying a bearish trend, while the StochRSI which moves closely along with the price has already entered the oversold region and preparing for a flip which if hits the resistance levels may ignite a notable uptrend.
Currently, the SHIB price is around $0.00002778 with a drop of nearly 4.67% compared to the previous day close. However, the current day’s range is in between $0.00002743 and $0.00002955 and hence today’s days close hovering around these levels could demonstrate the next leg of the Shiba Inu price.
