Shiba Inu price is under intense pressure recently as the overall demand and hype for the token has faded away. The SHIB price is currently at $0.0000074, which is about 20% below the highest point last week. Worse, the coin has formed a double-top pattern signalling that more pain could be coming.
What happened? Shiba Inu is a meme coin that was unveiled in May this year. At the time, it was said to be the Dogecoin killer, which pushed more retail traders to the network. As a result, its price surged to an all-time high of $0.00004 and its market capitalization to more than $10 billion. Since then, data shows that its search on Google and Bing has faded and its mentions in social media has almost faded.
The recent hype surrounding the launch of Shiba Swap has also ended while its volatility has declined. Shiba Swap is a platform that enables participants to Dig, Bury, and Swap tokens to gain Woof Rewards. Recently, the network added three more pairs including ETH/USDT, LEASH/BONE, and SHIB/BONE. Still, it is too early to know whether this network will be successful.
Looking ahead in the remaining part of July, the Shiba Inu price will depend on the overall performance of cryptocurrencies. If Bitcoin moves from the current consolidation phase and rallies, there is a possibility that SHIB too will bounce back.
Shiba Inu price prediction
The two-hour chart shows that the Shiba Inu price formed a double-top pattern at $0.0000093 recently. This pattern is usually a bullish signal. Its neckline was at the $0.0000080 level. Also, the coin has moved below the 25-day and 50-day moving averages while the overall trend looks bearish. It has also done a break and retest pattern on the double-bottom pattern. Therefore, I see little possibility that the SHIB price will go to the moon in July. Instead, I suspect that the price will continue falling as bears target the next support at $0.000007.
Don’t miss a beat! Follow us on Telegram and Twitter.
SHIB price chart
Follow Crispus on Twitter.