Shiba Inu Price Prediction: Will SHIB Recover In the Near Term?

Shiba Inu price has come under fierce pressure in the past few months as demand for the coin continues. The SHIB coin collapsed to a low of $0.000011 on Friday, which was the lowest level since August 28. It has fallen by more than 15% from the highest level this month and by 86% from its all-time high. Still, the meme coin is still valued at over $6.4 billion.

Shiba Inu is a meme coin that was launched in 2021 at the height of the cryptocurrency craze. At the time, the coin was seen as the most viable alternative to Dogecoin. As a result, its price surged, pushing its total market cap to over $30 billion. 

As the coin jumped, its developers announced plans to transition it from being just a meme coin into a full-fledged ecosystem. They launched their DeFi platform known as ShibaSwap, which had a TVL of more than $150 million at its peak. In addition, they launched newer cryptocurrencies lik LEASH and Bone. And this year, they made plans for a new stablecoin.

However, like most cryptocurrencies, Shiba Inu price has been in a strong bearish trend in the past few months. For one, the hype that it had last year has faded, with the number of holders dropping to a record low.

Shiba Inu price prediction

A common question is whether Shiba Inu price has been in a downward trend in the past few weeks as demand for the coin evaporated. It has managed to move below the 25-day and 50-day moving averages. Also, the coin is at an important level of support since it has struggled moving below this level for a while. 

The Awesome Oscillator has moved below the neutral point while the Relative Strength Index (RSI) has continued falling. It has also formed a head and shoulders pattern. Therefore, there is a likelihood that the SHIB price will continue falling as sellers target the next key support level at $0.000011. A move above the resistance level at $0.000013 will invalidate the bearish view.

Shiba Inu Price