The dog breed Shiba Inu close up on green grass
Shiba Inu (SHIB) coin price is down 4.66% on Monday. As a result, the leading dogcoin is trading 17.75% below its monthly highs. While the current dip seems to be a good buying opportunity, there are few things worth considering first.
Cryptocurrencies extended their losses on Monday as Bitcoin price fell 0.67%. At press time, the leading cryptocurrency by market capitalization stood at $41,130 as the Bitcoin dominance experienced a 0.56% uptick. This price action resulted in a major sell-off in SHIB crypto which plunged below $0.00001000 level after breaking above it last week.
According to the latest Shiba Inu news, there has been a massive surge in its burning rate. Last week, SHIB burning rate had a record increase as a 24 hour period. However, the price didn’t have any significant positive impact.
Meme coins appear to be the hardest hit sector in crypto after a very positive growth during the first half of December. This bearish sentiment can be attributed to the 42% pullback in BONK, which led the recent memecoin rally.
Technical analysis of SHIB/USD daily chart shows a clear breakout from the downtrend. The price also went above August high of $0.00001136, which was the bullish target that I gave in my previous forecast. However, this turned out to be a fakeout and the price is now forming a double top pattern.
Nevertheless, Shiba Inu coin price prediction hasn’t flipped bearish yet. As long as the bulls avoid a daily closure below $0.00000910, there is a strong possibility of a bullish leg towards new yearly highs. For such a move to occur, Bitcoin price needs to hold its $40,000 support, Therefore, the next few days will be very critical in this regard.
This post was last modified on Dec 18, 2023, 10:59 GMT 10:59