Shiba Inu price has gone nowhere in the past few days. The SHIB coin is trading at $00000079, where it has been in the past few weeks. This price action is similar to that of both Dogecoin, Baby Dogecoin, and other cryptocurrencies.
Shiba Inu news. Shiba Inu is a relatively new meme coin that was unveiled about two months ago. Its price spiked after it was introduced as the Fear of Missing Out (FOMO) prevailed. Retail traders were interested in finding the next big thing. However, as momentum waned, the price of Shiba Inu declined substantially. At its worst, it was down by more than 85% from its all-time high.
Shiba Inu price has struggled mostly because of the challenges facing the crypto industry. Recently, the price of most coins is more than 50% below their all-time high. This is partly because of the rising crackdown in China and the relatively hawkish Federal Reserve.
Minutes published this week showed that some Fed members were starting to talk about ending of quantitative easing. The unwinding of the program would be bearish for risky assets like Bitcoin and Shiba Inu. Most importantly, the SHIB price has struggled because of the falling demand for the coin as evidenced by the falling volume.
Shiba Inu price forecast
The two-hour chart shows that the SHIB price has struggled in the past few weeks. The coin has formed a support and resistance level at $0.0000080 and $0.0000093. It has also moved below the 50-day moving average and formed what looks like a head and shoulders pattern.
The Relative Vigor Index (RVI) has also started rising. Therefore, the coin will likely break out lower so long as bears can sustain moves below $0.0000080. On the flip side, a move above the middle of this channel at $0.0000086 will invalidate the bearish view.
SHIB price chart
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