SHIB Outlook: Shiba Inu Coin Price Breaks Multiyear Support
Memecoin investors are taking heavy losses as the Shiba Inu coin price breaks below the key support level. The interest in the dog-themed coin seems to be hitting new lows as the investor focus shifts to low-risk assets like Bitcoin. Consequently, the capital is flowing out of the memecoins like SHIB crypto.
Since its failed breakout attempt in August 2023, SHIB has been down 39%. The price has fallen to its lowest level since June after a 4.44% drop this week. This also marks the 2nd consecutive week of downtrend. At the time of writing, the popular memecoin is changing hands at $0.00000687.
According to the most recent stats, the SHIB burn rate has accelerated by 152%. On Tuesday, 47.8 billion Shiba Inu coins were sent to burn addresses compared to 20 billion coins in the previous day. This could be due to an uptick in the on-chain transaction volume, as 4.48 trillion coins were transacted in the past 24 hrs.
The negative Shiba Inu coin prices can also be attributed to the rise in Bitcoin dominance which is sucking the air out of the altcoins. Investors seem to be derisking their portfolios by taking losses on lower-capped cryptocurrencies.
Shiba Inu Coin Price Analysis And Target
I’ve repeatedly mentioned the $0.00000700-$0.00000750 demand zone in my previous forecasts. It seems that after multiple retests, the demand in this region has decreased. The recent breakdown below this support level is very concerning. If the SHIB price gains acceptance below this zone, a retest of the 2021-lows could be on the cards.
Shib price prediction has been bearish for me since the failed breakout attempt in August. Currently, the only silver lining for the bulls is the bullish divergence, which is developing on the Relative Strength Index (RSI) indicator. However, I won’t risk playing this bounce until the price breaks above $0.00000750 level.