Shiba Inu Price Prediction – SHIB at Bottom of Current Range is a Buy Signal for Traders
Investors appear to have retreated to the sidelines with cryptocurrencies across the board left in the hands of the bears. The second most popular meme coin, Shiba Inu has fallen from its recent 2023 high of $0.00001590 to trade at $0.00001235 as regulatory pressure bites. However, SHIB’s short-term outlook reveals the possibility of a trend reversal in the coming days, especially if support at $0.000012 continues to stay firm.
Evaluating The Probability of Shiba Inu Price Recovery
The rampant overhead pressure in the crypto market downplayed SHIB’s listing on BinanceUS on February 24. BinanceUS is a subsidiary of Binance.com, the largest crypto exchange in the world by daily traded volume.
Investors can now buy and sell the second-largest meme coin using the SHIB/USD pair on the platform dedicated to serving US-based customers. Investors expecting a positive response to this exposure were left disappointed with Shiba Inu price stretching the leg downstream.
At the time of writing, Shiba Inu price has lost 8.1% cumulatively for seven days, including a 2.5% dip in the last 24 hours. Live price data by CoinMarketCap rips off the band-aid showing a 10.21% decrease in the 24-hour trading volume to $192 million.
An increasing negative change in volume refers to a high volume that is undesirably affecting the asset. It suggests fund outflows are overwhelming inflows and deprives Shiba Inu price of the momentum to reverse the trend to the upside.
Will Shiba Inu Price Bounce Back?
Shiba Inu price holds above critical support provided by the lower ascending trend line as shown on the daily chart. Marginally below this level lies the 50-day Exponential Moving Average (EMA) (line in red). In addition to that, SHIB’s downside is protected by a seemingly immense seller congestion zone in the lower yellow band.
The position of the Stochastic oscillator – close to the oversold region, coupled with the above solid support suggests Shiba Inu price is on the verge of exhausting the pullback. Therefore, investors should be ready to buy and fill their bags the moment SHIB begins its rebound with a green candle, possibly above $0.000012.
If push comes to shove and declines intensify, the 100-day EMA (line in blue) currently holding the ground at $0.00001138 would come in handy to absorb the remaining selling pressure ahead of an uptick in price.
Extending the leg to $0.00001 would be a bit of an overstretch for SHIB, however, if it gets to that, bulls will seize the momentum to buy lower-price tokens, thus building momentum for a significant trend reversal.
The IOMAP by IntoTheBlock (ITB) reinforces the buyer congestion at $0.000011 as shown by the biggest green circle on the chart below. Note that approximately 18.58k addresses previously bought 75.15 trillion SHIB in that range. In other words, investors in the cohort are in profit and would not be willing to sell, but back the resumption of Shiba Inu’s uptrend.
On the upside, the lack of a robust supply area implies a recovery will likely start soon. With a minor push, Shiba Inu price would quickly move to tag the resistance at $0.000014, as shown on the daily chart. A break and hold above this same level are required to clear the path to $0.000018 and $0.00002 in the coming days—perhaps weeks.
Shiba Inu Alternatives to Buy Today
If you’re looking for other high-potential crypto projects alongside SHIB, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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