Our Shiba Inu coin price seems to be hanging by a thread as the price battles key support. Shib has got support from the $0.0000200 region quite a few times since the start of the year. However, all the bounces have failed to gain much momentum, and consequently price is still trading at $0.0000226. Time appears to be running out for the bulls; the support becomes more likely to be breached after every retest.
Shiba Inu price has lost 2.6% in Friday’s trading session. Bitcoin is back below $40k once again, which has triggered an altcoin sell-off. Elon Musk’s Twitter deal increased the investor interest in memecoins like Doge and Shiba Inu. However, both cryptocurrencies failed to gain much momentum, and the prices are back at their key supports.
In other Shiba Inu news, the TVL on its Shibaswap DEX is constantly decreasing. This month, the platform has lost more than $70 million worth of TVL. Currently, there is $96 million locked on the decentralised exchange of the top memecoin. Shib requires the bulls to step up and bring their A-game to the table as bears are getting teeth. The coin resides on Ethereum as an ERC-20 asset.
Shiba Inu Coin Price Prediction
Technical Analysis of SHIB/USD price chart shows that the coin has been in an accumulation phase since the start of 2022. Although the coin dipped to the lows of $0.0000170 in January, it bounced off strongly. Nevertheless, there is some resistance at $0.0000300 level that it needs to overcome before aiming for another bullish move.
If Shiba Inu price loses the $0.0000200 support again, things might turn pretty ugly. The price has settled below 200 EMA, which lies at $0.0000246. A reclaim of 200 EMA might increase investor confidence, or the volume would keep on decreasing. Any bullish price prediction would remain invalidated as long as the price stays below the $0.0000350 level. A reclaim of this level could trigger another bullish move to $0.0000444 level. Therefore, it is important to manage your risk accordingly.