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- Shiba Inu (SHIB) price prediction shows the bearish sentiments of the market.
- SHIB coin has gained 2.41% in the last 24 hours.
- Shiba Inu declined 30.29% in the last 3 months.
Shiba Inu price prediction highlights the bearish market sentiments of the coin, which has been sliding down since February 2023. The market started the year with a strong uptrend as the SHIB token surged 90% to the price of $0.00001539. However, the bears started unloading their bags, causing the price to tumble down.
At the time of writing, the SHIB coin is trading at $0.00000757. The 24-hour volume surged by 14%. The overall market cap for SHIB token is $4,506,241,854.
Will The Price Break Out of the Falling Wedge?
As seen on the 1D chart, the selling pressure broke multiple key support levels, resulting in a price decline of almost 63%. Shiba Inu (SHIB) finally found support at a crucial level of $0.00000555 and witnessed a quick recovery of almost 40% to its current market price. The market is forming a falling wedge pattern which may help kickstart a bullish reversal of 100%.
The SHIB token is trading on the resistance of this falling wedge and the bulls may try for a breakout. The buyers must break this pattern with a strong bullish candle with significant volume to confirm a successful breakout. The price must break the resistance of $0.00000817 to add confirmation to the breakout.
Can The Bulls Continue the Recovery?
On the 4-hour timeframe, SHIB coin appears to be in a short-term uptrend. The price takes the support of a trendline as it moves up. The diminishing volume suggests a lack of interest from the buyers. The market is slightly below the 200 EMA which is a bearish sign.
The uptrend will remain intact until the trendline is broken. Investors are becoming curious as the price approaches the resistance line of the falling wedge. Considering all the factors, it can be concluded that volatility is just around the corner, and investors should remain cautious.
RSI: The RSI indicator is currently at 50.64. This indicates that the market is neutral and the prices may move sideways. The direction of the trend is unclear.
MACD: MACD made a bearish crossover while the indicator is moving close to the 0 line. It means the market is sideways to bearish. The histogram is getting lighter which means that the selling momentum is decreasing.
200 EMA: On the 4-hour chart, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
Shiba Inu (SHIB) price prediction highlights the bearish market sentiments of SHIB Coin, which has been sliding down since the month of February 2023. The market formed a falling wedge pattern and the price is trading close to the resistance line. A strong breakout may flip the bearish sentiments and the prices can recover quickly. Investors should wait for a strong breakout before entering any position.
Technical Levels
- The nearest support level: $0.00000694
- The nearest resistance level: $0.00000817
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
