Shiba Inu (SHIB) coin price has gained a very bearish outlook after a recent breakdown below a key support level. Bears are in full control as the altcoin investors adopt a risk-off approach. The latest technical analysis suggests a 28% move toward the downside is possible in the coming weeks.
Cryptocurrencies are in a slump as Bitcoin price has slid below $26,000. At press time, the pioneering digital asset is changing hands at $25,750. On Wednesday, most altcoins are also showing very little volatility due to a decrease in trading volume.
According to the latest Shibarium news, the memecoin blockchain has hit the milestone of 1 million wallets. The burn rate has also soared 71% as the 43 million coins got sent to the burn address. Nevertheless, SHIB price remains in a downtrend.
The Shibarium launch was considered to be a game changer for the Shiba Inu coin price. However, the initial hiccups during the launch and the bridge issues acted as a headwind for the price. The popular memecoin is currently trading 51% below its yearly peak.
As evident from the following SHIB price chart, the price has broken below the critical support level of $0.00000780. If the bulls fail to reclaim this level soon, there’s a possibility of a bigger drop till the June lows of $0.00000544. This would mean a 28% downside from the current price level.
However, this bearish Shiba Inu coin price prediction will be invalidated if the bulls manage a daily closure above $0.00000850. This would create a higher high on the daily chart, breaking the bearish market structure.
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 Sep 06, 2023, 09:11 BST 09:11