Shiba Inu Price Prediction: Bulls Continue to Struggle for Momentum
The announcement by Newegg on its acceptance of Shiba Inu as a payment option did little to enforce any bullish Shiba Inu price predictions on Monday, as the pair still traded lower.
Shiba Inu continues the corrective decline on the daily chart, even as the token is yet to appear on the payment options of Newegg. The online electronics retailer is also set to list Dogecoin as part of its payment suite. However, Dogecoin’s enthusiastic 6% uptick on Monday did not translate to equivalent demand on Shiba Inu.
Consequently, Shiba Inu is down 0.23% as of writing.
Shiba Inu Price Prediction
The picture on the daily chart seems to favour bearish Shiba Inu price predictions as the pinbar candle that has emerged shows a halt in the uptick at the 0.00004054 resistance. This could favour a return to 0.00003553 (7 October high and 15 October low). However, a dip towards 0.00003092 and 0.00002381 cannot be excluded if the bearish sentiment around the token continues.
Conversely, we could see some price recovery if the bulls manage to ascend above 0.00004054. If the momentum carries the move past 0.00004574, 0.00005001 will emerge as the new target to the north.
There is the possibility that any rallies to the resistance barriers may bring new sell opportunities for the bears if the momentum does not reverse.