The dog breed Shiba Inu close up on green grass
Shiba Inu coin (SHIB) price is once again trending downward as it failed to reclaim a critical level that was mentioned in our previous analysis. Consequently, SHIB price is on the verge of a bigger drop. The ongoing BTC slump has added to the selling pressure in altcoins. Most altcoins are trading close to their monthly lows.
On Wednesday, BTC and ETH prices rebounded after a major nosedive from their monthly highs. This led to a slight recovery in altcoin prices as well. At press time, SHIB price was trading at $0.00001038 after showing minor gains during today’s trading session.
Recently, memecoins have become popular once again. On crypto Twitter, many influencers are seen shilling the memecoins once again. This has generated a new memecoin hype in the industry. For the past few weeks, memecoins have been occupying most of the bandwidth on the Ethereum blockchain.
Despite the ongoing memecoin hype, the Shiba Inu coin price has failed to perform well. This is because the money is flowing only into the new memecoins, and the older memecoins have failed to attract any investors. This is a major concern for the SHIB holders.
The following SHIB chart reveals major levels of supply and demand. The price has respected most of these levels in the past and may continue to do so in the coming days. As mentioned in our last update, the most critical resistance on the chart is the $0.00001175 level. Only a reclaim of this level can make the Shiba Inu coin price prediction bullish.
As long as the BTC price remains in a downtrend, expecting any recovery in altcoins won’t be logical. Another reason behind my bearish outlook on SHIB is the fact that its price has broken below the 200-day moving average, which is a major sign of weakness for many traders.
I also regularly keep posting my updated SHIB analysis in my free Telegram group, which you’re welcome to join.
This post was last modified on Apr 26, 2023, 07:54 BST 07:54