Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Shiba Inu price prediction highlights the crypto’s recovery phase and it may face rejection at the current level, according to the analysts. SHIB crypto is at a crucial make-or-break situation as it trades at the verge of the descending triangle pattern.
Analysts believe that if the Shiba Inu coin’s price registers its breakout from the declining triangle pattern, then SHIB crypto may display a significant move over the charts. However, analysts also added that if Shiba Inu’s price struggles to register its breakout then it may get caged again inside the declining pattern.
Shiba Inu price was at $0.00000768 and has gained 0.26% of its market capitalization during the day’s trading session. Trading volume has increased by 16.03% during the intraday trading session. This demonstrates that buyers are trying to band together in order to push Shiba Inu coin price out of the descending triangle pattern. Volume to market cap ratio was at 0.0232.
Shiba Inu Price Prediction: Will SHIB Stabilize at the Downward Sloping Line?
The price prediction for Shiba Inu suggests that the SHIB cryptocurrency could potentially experience a decline from its current level, as sellers may become active during the day’s trading session. Shiba Inu coin’s price needs to attract more buyers to stabilize at the current level. However, analysts believe that Shiba Inu coin’s price may start falling and may remain in the descending triangle pattern.
Additionally, Shiba Inu coin’s price has slipped around 2.42% in a week and 10.92% in a month. Shiba Inu’s price has slumped around 31.64% in the last three months and 5.77% in the last six months.
Furthermore, Shiba Inu coin’s price has dropped around 4.84% year-to-date. This indicates the struggle of Shiba Inu coin’s price to surge towards the recovery level from the start of the year.
Technical indicators suggest the recovery momentum of Shiba Inu’s price. Relative strength index (RSI) showcases the upward velocity of Shiba Inu coin’s price. RSI was at 51 and is trying to remain above the neutral zone.
MACD exhibits the upside trend of Shiba Inu coin’s price. The MACD line is above the signal line after a positive crossover. Investors in the Shiba Inu cryptocurrency should wait until the Shiba Inu price breaks out from the descending triangle pattern.
Summary
Shiba Inu’s price prediction highlights the crypto’s recovery phase and it may face rejection at the current level, according to analysts. However, analysts also added that if Shiba Inu’s price struggles to register its breakout then it may get caged inside the declining pattern. Technical indicators suggest the recovery momentum of Shiba Inu price. Investors in Shiba Inu cryptocurrency should wait until Shiba Inu’s price breaks out from the descending triangle pattern.
Technical Levels
Support Levels: $0.00000745 and $0.00000707
Resistance Levels: $0.00000785 and $0.00000815
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/03/shiba-inu-price-prediction-shib-may-face-rejection-from-here/