Shiba Inu Price Prediction: The Bears Have Their Way As FUD Sentiment Prevails

Summary:
• Shiba Inu price prediction article, we look at the sentiment surrounding the meme coin and the odds of a breakout.

Shiba Inu price traded lower on Monday, reflecting the wider crypto market sentiment. SHIBUSD was down by 1.3 percent at the time of writing, with the meme coin trading at $0.0000130, trading near its lowest level in the last week. Shiba Inu has been on a prolonged downtrend since mid-June, and the recent announcements around its market fundamentals have received tepid reaction from traders.

Shiba Inu price prediction has become quite predictable in the last month, with Fear, Uncertainty and Doubt (FUD) ruling the market. The Shibarium Network announced the Burn Portal last week, and, while in theory that should have resulted in upbeat performance by SHIB, its decline has persisted.

Also, Shiba Inu marketing lead announced on August 15 that Liquid Staking would go live on the Shibarium mainnet starting September 18. That will enable users to stake their BONE tokens and earn KnBONE, the liquidity staking derivative token, which they can use to generate income through DeFi platforms. Therefore, this could potentially generate much traffic into the network, and potentially propel further price gains. However, the momentum could take some time to generate traction.

Momentum indicators

Shiba Inu price currently trades below the 20, 50, 100 and 200 Exponential Moving Average (EMA) levels. This signals a strong selling pressure on the asset price.

Meanwhile, the price recently crossed below the middle Bollinger Band on the 4 hour chart. That corresponds to the 0.0000132 level. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator line is about to cross below the signal line, adding support to the downside view.

Support and resistance levels

The momentum on the 30-minute chart indicates the downside will likely continue to the downside e if resistance stays at 0.0000130. With the sellers in control, look for the first support at 0.0000129. Further bearish control at that point will extend the decline to break the support and potentially establish a second one at 0.0000128. Conversely, a move above 0.0000130 will signal control by the buyers. In that case, look for the first resistance at 0.0000131. However, extended control will enable them to break above that level and invalidate the downside view. Also, it could lead to further gains to test 0.0000132.