The dog breed Shiba Inu close up on green grass
Shiba Inu (SHIB) price is gaining bearish momentum amid a recent sell-off in digital assets. The top memecoin has broken the uptrend and is ringing the alarm bells for the bulls. There is a final line in the sand that the bulls need to hold to avoid a deeper correction.
On Tuesday, altcoins are trading sideways as the BTC price is yet to show any significant recovery. SHIB price is trading at $0.00000797, 9.5% above its last week’s low. At press time, the coin is up 0.13% from its previous close and is retesting a key support level.
The much-anticipated Shibarium launch occurred on Wednesday last week. However, the launch ran into massive hiccups due to certain bridging issues and regular transaction halts. Following these issues, the team took the network private to relaunch it later.
According to the latest Shiba Inu news, the project’s lead developer stated that Shibarium is working perfectly now and ready to reopen. However, the developer didn’t reveal any date. Shiba Inu coin price plunged to its fresh 4-week lows due to the troubled launch of its blockchain.
As visible on the following SHIB price chart, the coin appears to be hanging by a thread. So far, the bulls are holding the critical support level of $0.00000780, a breakdown below this support level would make Shiba Inu coin price prediction extremely bearish.
The chart also reveals other major areas of support and resistance. It can also be seen that the bears are gaining momentum after a breakdown below the upward trendline. In case of a breakdown below $0.00000780, fresh yearly lows would be on the cards.
In the meantime, I’ll keep sharing updated SHIB coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Aug 22, 2023, 12:33 BST 12:33