Shiba Inu Coin Price Prediction: A Further Drop Looks Likely

Summary:
• The Shiba Inu coin price prediction shows that the descending triangle brings a potential for a further decline in the SHIB/USD pair.

After an initial slump by as much as 5% on the day, bearish Shiba Inu coin price predictions are being tapered after rumours that socialite and hotel chain heiress Paris Hilton was interested in the SHIB Metaverse. This caused an intraday rejection from the 0.00001013 support as some demand drove prices off session lows.

The speculations stem from a tweet from the socialite. She thanked the Shib army for its support, posting a cryptic 11:11 number initially mentioned by Marcie Jastrow, a member of the Shiba Inu team, in an earlier tweet. But despite the enthusiasm from the SHIB army, the token still does not possess the required momentum to prevent a potential drop from present levels.

A look at the daily charts shows a vulnerable support price level which is struggling to hold on to its status. The evolution of the pattern points to a bearish continuation of the trend. If this plays out according to the technical expectations, the SHIB/USDT pair may be flirting with its all-time lows. The SHIB/USDT pair is currently trading at 3.8% lower.

Shiba Inu Coin Price Prediction

The active daily candle is testing support at the 0.00001025 price mark (previous highs of 26 May 2021 and 2 June 2021 in role reversal). A breakdown of this price level completes the descending triangle and initially opens the door toward the 0.00000834 price mark (12 August 2021 and 9 September 2021 highs) before the 0.00000654 support comes into play.

This price mark, where the 31 August and 14 September prior lows are located, constitutes the completion point of the measured move from the triangle. Finally, an extension of the downside move targets the 0.00000550 support (12 June 2021 low), just above the SHIB/USD’s all-time low at 0.00000507 formed on 7 September 2021.

On the flip side, a bounce on the 0.00001025 support that extends toward 0.00001202 puts the triangle’s upper border in jeopardy. A break of this level opens the door toward the 0.00001382 price resistance, a move which invalidates the triangle. A further advance on the pair will aim for the 0.00001711 resistance mark (22 January 2022 low), before 0.00002013 enters the mix as an additional target to the north.

SHIB/USD: Daily Chart