The memecoin economy has been one of the most hit during the current bear market of the cryptocurrency industry. Shiba Inu price, for instance, is down by 13 per cent this week and 15 per cent for the month. The strong bearish trend has persisted for the past few months, resulting in the cryptocurrency dropping by over 70 per cent since the year started.
Today, the situation in the markets does not seem encouraging, with the cryptocurrency industry continuing to see its market capitalization getting sliced away with each passing day. Today, the industry is down by 3 per cent, with major cryptocurrencies such as Bitcoin dropping by 2 per cent and Ethereum by 4 per cent. Shiba Inu, an altcoin significantly correlated with the industry, has seen market forces and macroeconomic factors, such as rising interest rates from central banks around the world, dragging its price down.
Shiba Inu has also been impacted by another factor that has contributed to the current bear market, the lack of enthusiasm in investing in memecoins compared to last year. In fact, the fear and greed index shows most investors are in the “most fearful” zone of the index. Therefore, bringing new money into the project, which can spur Shiba Inu and restart the upward trend, has been difficult.
Shiba Inu Price Prediction
In today’s trading session, Shiba Inu is down by 7 per cent. The trend also looks aggressive, and there is a high likelihood that the price may close even lower. Currently trading at the $0.0000093 price level, Shiba Inu’s price is trading at the lowest price since June 22.
Looking at the chart below, the long-term price action indicates a continuation of the long-term bearish trend. Therefore, I expect its price to continue falling. There is a high likelihood we might see the Shiba Inu price trading below the $0.0000080 price level in the next few trading sessions. A trade above $0.00001 will invalidate my bearish trend analysis.