A Price Prediction for Shiba Inu
After failing to break the weekly resistance level this week, Shiba Inu trades at $0.000024 on Wednesday.
The on-chain data reveals SHIB investors are recording profit from recent gains, increasing selling pressure.
A daily candlestick above $0.000028 would disprove bearishness.
SHIB is trading at $0.000024 on Wednesday after rejecting the weekly resistance level earlier this week. On-chain data suggests a further memecoin price drop as SHIB investors realize profits from recent advances and sell out.
SHIB weakens.
On Sunday, Shiba Inu price hit weekly resistance at $0.000028 and fell 6% till Tuesday. This weekly level is a strong resistance zone since it represents the 50% price retracement from the March high of $0.000045 to the August low of $0.000010. Wednesday's SHIB price is $0.000024.
SHIB may fall to its next weekly support at $0.000019 if it closes below $0.000022.
On the daily chart, the Relative Strength Index (RSI) decreased from 70 on November 13 to 57, indicating momentum weakness. Daily RSI closures below 50 indicate a rapid drop in Shiba Inu price.
SHIB's metric surged over 32 times from 1.61 million to 51.33 million from Sunday to Tuesday, then on November 11, the memecoin fell 16% in three days following a similar rise. If history repeats, prices may fall in the next days.
Bearishness is supported by IntoTheBlock's In/Out of the Money Around Price (IOMAP). Nearly 40,830 addresses held 53.41 trillion SHIB tokens at $0.000025. These addresses acquired memecoin about $0.000025, and if the price increases to this level, investors might sell at breakeven, making this level a critical resistance zone.
Technical analysis suggests that the $0.000028 level will be a crucial reversal milestone since it matches IOMAP results.
If the SHIB daily candlestick finishes above the $0.000028 weekly resistance level, the bearish thesis will be refuted, causing a price rise to retest its end-March weekly high of $0.000032.