Shiba Inu Price Prediction: SHIB turned bearish after Shibarium

Shiba Inu price prediction turned bearish as it failed to break the November 2022 high created before the FTX collapse and the recent hype of Shibarium is also damaging the price structure of SHIB token.

Shiba Inu price prediction got a higher target from the many crypto analysts after Shibarium came into the news. Shibarium is a layer 2 solution that aims to increase the transaction speed at lower cost into the Shiba Inu ecosystem. However, if we look into the price structure of Shiba Inu then it has performed negatively and down by 13% on the weekly basis.

From the beginning of January 2023, Shiba Inu (SHIB) has shown a fantastic recovery from the low at $0.00000777 and managed to push SHIB price above the 50 day EMA which has triggered a positive sentiment and prices continued the upward momentum by forming higher high candles. Later, SHIB bulls have also succeeded in sustaining the price above the 200 day EMA which indicated that positional trend might be turned in the direction of bulls.

Shiba Inu Price into the bear grip?

Shiba Inu price hit a swing high at $0.00001575 up by 15% on a single day and attempted to breakout of the pre FTX level but unfortunately SHIB prices didn’t get the follow up momentum.

Later after a little bit of consolidation SHIB price takes the downward direction and still continues the same direction. Therefore, for the short term SHIB crypto has again turned bearish and $0.00001396 will act as an immediate hurdle for the bulls followed by the next hurdle will be at $0.00001525 level.

Shiba Inu Price – Technical support level

Meanwhile, SHIB crypto price has also slipped below both the important EMAs and continuous selling pressure is visible by red volume bars showing that bears are dominating in the Shiba Inu prices and more downside is possible. However, SHIB prices are near to the support level of $0.00000997 which might act as a short term demand zone for the bulls.

Moreover, if the price slipped below the $0.0000099 then bears may try to drag it further down toward $0.00000777. On the other hand, the technical indicators of the SHIB token like MACD had generated a negative crossover indicating bearishness to continue for some more time whereas the RSI at 36 denotes prices are into oversold zone and anytime it may take U- turn to clean out the short sellers.

Conclusion

Shiba Inu price prediction has turned bearish for the short term period and SHIB prices are down by 13% on the weekly basis shows that investors are losing confidence. The technical analysis suggests that till SHIB prices are below the 200 day EMA, it is expected to remain in bear grip.

Technical levels

Resistance levels : $0.00001396 and $0.00001525

Support levels : $0.00000997 and $0.00000777

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 assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing