Shiba Inu coin (SHIB) price has behaved exactly as predicted in my previous article. The price is currently consolidating below a major support level. If the overall market sentiment remains bearish then there is still another 10-11% downside for SHIB price.
Shiab Inu coin price has been lagging behind the newly launched meme coins like PEPE, LADYS, Gensler etc. This shows that the crypto enthusiasts are more interested in the new memecoins that the old ones. On Thrusday, SHIB turned rose by 0.34% and was changing hands at $0.00000880 during its London session.
Why Is SHIB Price Not Pumping?
After a brutal winter for the memecoins, finally, the investor interest in these risky assets has soared once again. Most of the ongoing memecoin mania can be attributed to the PEPE coin, which is the new memecoin in town. The coin was launched in the mid of April 2023 and has been surging since then. The popular meme coin eventually got listed on Binance which took the hype to its peak.
According to the latest news, PEPE has become the 3rd biggest memecoin with a market capitalization of $678 million. This has become a major cause of concern for the SHIB holders, which is currently the 2nd biggest memecoin with a market cap of $5.2 billion. Even though the Shiba Inu coin price hasn’t performed well lately, its market cap still remains ten times more than the PEPE coin.
Shiba Inu Coin Price May Tank Another 10%
I mentioned in my last article that SHIB price needed to hold its $0.000000969 support. This level was broken 12 days ago and the price has been in a sideways consolidation since then. In the coming days, a retest of the December low of $0.00000779 appears to be the most likely scenario.
The only way to avoid this bearish outlook is to close a daily candle above $0.00000969 level which may now act as a resistance after the recent breakdown. The BTC price action in the coming days will remains a decisive factor in this regard.
I will keep posting my updated SHIB analysis and the next 1000x gems in my free Telegram group, which you’re welcome to join.