$AKRO #Meme #大盘走势 With Shiba Inu Coin (SHIB) price rebounding 6% from recent lows around $0.00002550 to $0.00002750, traders are wondering if the recent sell-off is over.
Despite the rebound, Shiba Inu Coin price is still about 17% below last week’s high near $0.000033.
Macro risk factors have been weighing on market sentiment this week. Other major cryptocurrencies such as Bitcoin have also been falling as traders have reduced bets on a rate cut by the Federal Reserve.
This comes against the backdrop of generally stronger-than-expected U.S. economic data released this week.
This has dampened sentiment in the terrier market, with Dogecoin price down more than 40% from its year-to-date high.
However, Dogecoin bulls are unlikely to lose hope. SHIB’s market cap remains around $16.3 billion, and the coin has nearly tripled since mid-February.
Bulls hope that bullish themes like spot Bitcoin ETF inflows and the upcoming Bitcoin halving can inject new excitement into the meme coin space.
Chart analysis can help reveal where Shiba Inu price may move next.
SHIB recently broke below its 21-day moving average, as well as a flag structure that has been forming since early March.
Shiba Inu price predictions are more bearish in the short-term following recent technical developments. Source: TradingView
This suggests that there could be a high technical selling risk in the coming days. A retest of the mid-March lows and the 50-day moving average, around $0.000023 support, is likely.
Ultimately, Shiba Inu could even drop to the support-turned-resistance of the $0.0000017-18 area.
Shiba Inu price predictions are more bearish in the short-term following recent technical developments. Source: TradingView
This suggests that there could be a high technical selling risk in the coming days. A retest of the mid-March lows and the 50-day moving average, around $0.000023 support, is likely.
Ultimately, Shiba Inu could even drop to the $0.0000017-18 area of support-turned-resistance.
Shiba Inu price predictions are more bearish in the short-term following recent technical developments. Source: TradingView
But with the crypto market in a bull phase, long-term price risks remain skewed to the upside.
It is impossible to predict when the next explosive rise will occur.
