Shib’s price currently trading below the support level of $0.0000085 and might lose all the 2023 gains. The cryptocurrency price has been in a downtrend after creating a high at $0.00001575 level.
In March, Shiba Inu’s price formed a major support at the $0.00001 level which was breached in early May. The price of bitcoin rose above $30000 in April raising hopes that the crypto winter was finally over. However, May was not pleasant, to say the least.
Currently, Shib’s price is stuck in a consolidation phase ranging between $0.0000085 and $0.000009. The previous candle has closed as a long-legged doji indicating that the bulls are striving to push the price back into the consolidation zone while the same pressure is from the bears to push the price further down.
Shib’s price recently received a rejection from the 20-day EMA which serves as a critical indicator to determine whether bearish sentiment is still prevalent in the market. Traders use it to determine a short-term trend for an asset.
The first challenge for Shib’s price is to rise above the 20-day EMA for indicating a change in trend to slightly bullish which can only be done if the price can sustain the current support.
If the bears can push the price out of the consolidation zone, there is a higher probability that it might head toward the Annual lows and lose all of its gains.
Shibarium Launch Expected in Q2 and Q3 of 2023
A Shiba Inu team member, LUCIE, has offered a projected timeline for the Shibarium Mainnet launch, which is expected to occur in Q2 and Q3 of 2023.
The successful launch of Shibarium is crucial for sustained growth and expansion. Shibarium promises to offer advanced DeFi capabilities offering more benefits within the Shiba Inu Ecosystem.
Will Shib Price Fall to Yearly Lows?
Shib’s price trades below the 20,50,100 and 200-day EMAs indicating bearish momentum in the price. The RSI rose above the oversold zone and is currently trading at 32.92 indicating a rise in buyers at the current support, but the price is still in bearish momentum.
RSI might again enter the oversold zone as the price has not made a significant bullish momentum for reversal. The long/short ratio is 1.04 with 51.02% longs and 48.98% shorts indicating that the bulls are jumping in the market to protect the price from further downfall.
Conclusion
The market structure and price are highly bearish for Shib’s price. The technical indicators suggest that the buyers are entering the market to protect the price from further downfall but bullish strength is not enough for a trend reversal as of now.
Technical levels
Major support: $0.000008
Major resistance: $0.000009
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/26/shiba-inu-price-prediction-shibs-price-is-attempting-a-breakout/