The Shiba Inu price has struggled throughout the year, recording a value loss of over 70 per cent year-to-date. This month, it is down by 11 per cent, extending the 6 per cent drop recorded in September.
However, despite the recent price struggle, most Shiba Inu holders remain optimistic of recovery for a number of reasons. For starters, the current bearish trend of Shiba Inu has been attributed to the recent bear market of the cryptocurrency industry. With the Shiba Inu coin being significantly correlated with the industry, this has meant that its prices have been dragged down every time the industry suffers in the markets.
The current uncertainty of the economy, the rising inflation and the rising Fed rates have also played a part in Shiba Inu’s recent price decline. Although in most cases, this would not have caused a problem or impacted the cryptocurrency industry, the macroeconomic data has forced investors to move to the most fearful level of the fear and greed index. The impact of this has been that most investors are not willing to invest in risky assets such as cryptocurrencies, especially memecoins, which has impacted Shiba Inu’s trading volume and, consequently, its price.
Shiba Inu Price Prediction
Looking at the chart below, we can see that, since September 14, Shiba Inu price has traded in a horizontal trend. The chart also shows Shiba Inu failing to break the $0.0000095 support level to the downside and instead trading sideways for more than a week. However, technical indicators such as the Williams Alligator shows the long-term trend is still to the downside.
Therefore, based on the information above, my Shiba Inu price prediction expects the crypto to continue trading sideways for the next few trading sessions. However, despite today’s price gain of 2 per cent, my long-term view of the Shiba Inu price remains bearish. I expect Shiba Inu to resume the downward move at some point, which will break the $0.0000095 price level and trade below it. A trade above the $0.00001 price level will invalidate my bearish analysis.
Shiba Inu Daily Chart
