Shiba Inu Coin (SHIB) price has been in a major downtrend since hitting its yearly high in February 2023. The price is currently consolidating below a major support level. The latest analysis reveals that while there is still more downside for SHIB price but a bounce appears to be imminent.
Shiba Inu coin price has been lagging behind the newly launched meme coins like PEPE, LADYS, Gensler etc. This shows that crypto enthusiasts are more interested in the new memecoins than the old ones. On Wednesday, SHIB price turned red once again as it plummeted 1.5%. Till press time, it was changing hands at $0.00000854 during its London session.
The meme coin season that started in April 2023 appears to be at its final stages. Most of the ongoing memecoin mania can be attributed to the PEPE coin, which is the new memecoin in town. The coin was launched in the mid of April 2023 and has been surging since then. The popular meme coin eventually got listed on Binance, which took the hype to its peak.
According to the latest news, Shiba Inu is the 2nd biggest memecoin with a market capitalization of $5 billion. The rise of the meme coins like PEPE is one of the reasons behind tanking Shiba Inu coin price as the money is flowing into the new coins. Even though the Shiba Inu coin price hasn’t performed well lately, its market cap still remains ten times more than the PEPE coin.
Technical analysis shows that SHIB price has become bearish as it broke below $0.000000969 support. The latest analysis reveals that while the price may still retest of the December low of $0.00000779, it may rebound soon.
The reason why my Shiba Inu coin price is not that bearish is the bullish divergences on Relative Strength Index (RSI) and Money Flow Index (MFI). A daily closure below $0.00000779 will invlaidate this price forecast.
I will keep posting my updated SHIB analysis and the next 1000x gems in my free Telegram group, which you’re welcome to join.
This post was last modified on %s = human-readable time difference 09:12