Shiba Inu Price Prediction: Why Prices are going Down

The Shiba Inu price looks poised to lose in the markets today, after three consecutive days of closing above the opening price. The drop could also signal the beginning of a long-term bearish move. Recent reports indicate that Shiba Inu may be losing its top spot among the meme coins. In 2021, the cryptocurrency was able to crack the top 10 most valuable cryptocurrency.

During that time, it had a market capitalization of $41 billion. At its peak, the cryptocurrency had skyrocketed more than 74,000000 per cent. However, recent events may indicate that the meme coin is beginning to run its course. Today, Shiba Inu has a market capitalization of $13 billion and is ranked as the fifteenth largest cryptocurrency.

The cryptocurrency has also lost over 70 per cent of its value from its Peak in October 2021. It might not be evident today, but many experts and big sharks are jumping ships and looking for alternatives. Therefore, there is also a high likelihood of the cryptocurrency dropping in the coming days, weeks and months.

Shiba Inu Price Prediction

Shiba Inu has lost less than a percentage point in today’s trading session. However, there is a high likelihood of the prices dropping further. Looking at the daily chart below, we can see the prices have been in a long-term bearish trend. This is after hitting the 2022 highs of $0.000035. However, the past few days have seen significant price corrections, which has seen the prices rise by 15 per cent.

The correction also looks on its last legs, and the bearish trend is likely to continue. This can also be seen In the Williams Alligator lines, which are now crumped together, indicating low market momentum and a possibility of a trend reversal.

Based on the above facts, my Shiba Inu price prediction is the prices will be trading at $0.000018. This will be a 23 per cent drop from the current prices. I also expect Shiba Inu fundamentals to play a significant role in the future drop in prices. This includes reports of big shark investors leaving Shiba Inu for other upcoming projects.

Shiba Inu Daily Chart