Shiba Inu’s price has been in a declining trend for the last six months and lost more than 35% of its value. The price tried an attempt to turn bullish in January 2023 and surged but the selling pressure from upper levels led to the failure and the price declined.
Recently, the buyers tried a recovery after the coin hit a new swing low. The price surged taking multiple support from a lower trendline. The buyers hiked the price by nearly 40% from the swing low to break above the previous swing high.
However, the sellers took the rise as an opportunity to sell and the price could not sustain at the upper levels and declined shortly. The bearishness in the leaders of the market also fueled the selling pressure.
Shiba Inu (SHIB) aims to promote the “artistic Shiba movement” by inviting dog lovers to create and sell NFTs. It also supports the Shiba Inu Rescue Association by donating through Amazon Smile. Shiba Inu became famous after Vitalik Buterin, the co-founder of Ethereum, burned most of his SHIB tokens.
Shiba Inu Price Experiences Strong Selling From The Upper Levels
Currently, the selling pressure from the upper supply zone led to the breakdown of the trendline support turning the short-term trend negative again.
The Analysts predict the price may take some pullbacks and slide further down to form a new swing low. The traders may look for a sell-on-rise opportunity as the price has turned bearish.
The long-term outlook for the price trend still stands on the bearish side as the price failed to break above the previous swing high and selling pressure from upper levels have turned the price action bearish.
Technical Indicators signal the continuation of the Ongoing Trend
As per the EMA analysis, the SHIB price suffered rejection from the 200 EMA indicating the presence of sellers at the upper levels. Currently, the price is trying to sustain near the 50 EMA the breakdown of which may trigger another fall.
MACD lines have shown a bearish crossover. Also, Histogram bars are being formed below the mean line and of decreasing height indicating the strong bearish sentiment in the market which may continue to prevail until the price gets the buyer’s support.
Conclusion
Shiba Inu price prediction concludes that the price of Shiba Inu has been falling for six months and failed to turn bullish in January 2023. The price bounced back from a low but faced sellers at higher levels and broke the trendline support. The short-term trend is bearish and the analysts suggest selling on the rise. The long-term trend is also bearish as the price could not break the previous high. The EMA and MACD indicators confirm the bearish sentiment. And the price may resume its decline as the short-term trend has aligned with the long-term trend.
Technical Levels
- Support levels: $0.00000767 and $0.00000662.
- Resistance levels: $0.000001009 and $0.00001149.
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 or stock comes with a risk of financial loss.
