Shiba Inu Coin (SHIB) Price Prediction Gains A Bearish Outlook
Shiba Inu (SHIB) coin price showed some recovery this week, yet it remains 35% below its August highs. The memecoin fell below its key support level of $0.00000779 at the start of the month. SHIB price is trading at $0.00000737, down 0.41% till press time.
On Wednesday, The Bitcoin price is struggling to break above its Monday high, which is $27,483. Due to the increase of Bitcoin dominance in the past few days, altcoin prices are lagging. It is critical for Bitcoin to rally for Shib Inu to see any upside potential.
Shiba Inu Holders Happy Over Upgrade Announcement
Shiba Inu made headlines after the developers announced a new tool that will track how much coins Shibarium has helped to accumulate for burning. The tool will also list how many transactions are needed to initiate the burning process of SHIB coins.
Shib holders have also been burning their tokens using their own efforts and resources. Just yesterday, over 72 million Shib tokens were sent to unaccessible wallets. The burn rate of Shib tokens also reached a staggering 139%. Shiba Inu coin price is expected to experience a decrease in selling pressure as the token supply diminishes.
Shiba Inu Coin Price Forecast
SHIB chart shows that the price is trading 5.5% below the $0.00000781 key support level. The chart also reveals the price action 17.15% below the 200 MA, which is a bearish sign. The memecoin has the potential to see upward momentum provided Bitcoin reclaims its Monday highs.
The Shiba Inu coin price prediction has flipped bearish due to a breakdown below the $0.00000781 level, which was a strong support level on the daily chart. I expect the price to test the June lows of 0.00000543 in case of a breakdown below the $0.00000704 support level.
In the meantime, I’ll keep sharing updated analysis of SHIB coin and my personal trades on my Twitter, where you are welcome to follow me.