The Shiba Inu price is up by 1 per cent in today’s trading session. However, despite today’s price gain, the trend of the Shiba Inu coin looks aggressively bearish. Shiba Inu, like all other memecoins, enjoyed exponential growth in 2021, which was fueled by traction from cryptocurrency users and a strong bull market for the industry.
Endorsements of memecoins such as Dogecoin also saw the growth of other altcoins such as Shiba Inu. However, the market dynamics for these cryptocurrencies have changed. Today, Shiba Inu and other memecoin find themselves in a peculiar environment where they are not getting hype, and the cryptocurrency industry is in decline.
The response to this environment has been an aggressive push to the downside, which has seen Shiba Inu prices dropping by 30 per cent from the highs of this month. The cryptocurrency is also down by over 60 per cent year-to-date, further proof that 2022 has been tough for memecoin.
Shiba Inu is up by a percentage point in today’s trading session. The price gain is an extension of yesterday’s price surge of 5 per cent. However, today’s market rise is not an indication of a trend reversal. Looking at the chart below, it is clear that the long-term trend of Shiba Inu is to the downside.
Therefore, my Shiba Inu price prediction expects the downward move to continue after the current retracement ends. There is a high likelihood that we may see prices falling below recent lows of $0.0000116 price level. Also, based on the current bearish trend of the cryptocurrency industry, there is a high likelihood that the prices may end up pushing further downwards and possibly trade below the $0.000010 price level.
My analysis will only be invalidated should the current bullish move past the $0.000014 price level. At that point, a bullish price reversal will have been confirmed.
This post was last modified on Aug 30, 2022, 09:58 BST 09:58