Shiba Inu (SHIB) coin price has faced another rejection from a very critical level. This rejection has the potential to tank the price a lot. The interest in the meme coin seems to have significantly reduced in the last one month. Consequently, the charts of most meme coins look very bearish.
The crypto markets remain sideways as most altcoins are awaiting a BTC breakout above $30,500 level. The leading cryptocurrency has been hovering within the $30,000-$30,500 level for the past few days as the volatility reduces in cryptocurrencies.
Will SHIB Crypto Recover?
SHIB price is currently trading 52% below its yearly high, which was posted in February 2023. The top meme coin couldn’t perform well in the recently concluded meme coin season, which took the prices of new meme coins to stellar heights.
Another reason behind the tanking Shiba Inu coin price is the increase in Bitcoin dominance. This shows the flow of capital from altcoins to BTC, as people seem to be more bullish on the latter. The Shibarium launch gype also seems to have faded out, and the coin is in search of a new narrative.
Shiba Inu Coin Price Fails To Break Out
A very basic technical analysis of SHIB price chart reveals that the coin has recently been rejected from the $0.00000775 level. This level was repeatedly mentioned in my previous analysis as it is previous support now acting as a resistance.
For me, Shiba Inu coin price prediction will remain bearish as long as it remains below this key level. If the price doesn’t reclaim this level this week, I expect another retest of the June lows that lie around $0.00000543. BTC’s rejection from $30,000 level may act as a catalyst for this move.
In the meantime, I’ll keep sharing updated SHIB coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.