Shiba Inu price has come under fierce pressure in the past few months as demand for the coin continues. The SHIB coin collapsed to a low of $0.000011 on Friday, which was the lowest level since August 28. It has fallen by more than 15% from the highest level this month and by 86% from its all-time high. Still, the meme coin is still valued at over $6.4 billion.
Shiba Inu is a meme coin that was launched in 2021 at the height of the cryptocurrency craze. At the time, the coin was seen as the most viable alternative to Dogecoin. As a result, its price surged, pushing its total market cap to over $30 billion.
As the coin jumped, its developers announced plans to transition it from being just a meme coin into a full-fledged ecosystem. They launched their DeFi platform known as ShibaSwap, which had a TVL of more than $150 million at its peak. In addition, they launched newer cryptocurrencies lik LEASH and Bone. And this year, they made plans for a new stablecoin.
However, like most cryptocurrencies, Shiba Inu price has been in a strong bearish trend in the past few months. For one, the hype that it had last year has faded, with the number of holders dropping to a record low.
A common question is whether Shiba Inu price has been in a downward trend in the past few weeks as demand for the coin evaporated. It has managed to move below the 25-day and 50-day moving averages. Also, the coin is at an important level of support since it has struggled moving below this level for a while.
The Awesome Oscillator has moved below the neutral point while the Relative Strength Index (RSI) has continued falling. It has also formed a head and shoulders pattern. Therefore, there is a likelihood that the SHIB price will continue falling as sellers target the next key support level at $0.000011. A move above the resistance level at $0.000013 will invalidate the bearish view.
This post was last modified on Sep 16, 2022, 09:07 BST 09:07