Shiba Inu Price Prediction: A Lower Daily Close May Support A Bigger Drop

Summary:

The Shiba Inu price prediction indicates that a lower daily close may be the catalyst for a bigger price drop.

The Shiba Inu price predictions continue to flow south as Monday marked another crypto bloodbath. Meme tokens were just as hard-hit as the major cryptos, with the Shiba Inu token losing 5.52% on Monday.

It did not matter that users could now lend and borrow any asset with their tokens after the SHIB token became active on Euler Finance. It just could not hold up to seller scrutiny on Monday. Apparently gone are the days when a rash of listings on CoinDCX, Gemini, Korbit,Kraken, and Bit2Me generated hefty buying interest in the token. Else the Euler Finance activation ought to have taken a more bullish direction.

The crypto market is in correction, but the whales accumulate tokens at these times. Can the SHIB/USDT pair withstand further scrutiny by sellers?

Shiba Inu Price Prediction

The breakdown of the 0.00002662 has occurred, but with a 1% penetration close below that support level. A second consecutive close below this level confirms the breakdown move and opens the door for a drop towards 0.00002381. 0.00002034 is an additional downside target if the price continues to tank.

Only a close above the 0.00002715 support by the next daily candle preserves the sanctity of that support mark. This would still require a bounce to aim for 0.00003092. Bulls must continue to push the recovery move beyond 0.00003553 to target 0.00004054. Only when prices breach this latest barrier will the SHIB/USDT pair see a change of sentiment, boosting bullish Shiba Inu price predictions.