📉 Shiba Inu Price Prediction: SHIB seeks support below $0.0000082 as altcoins see gains trimmed. Can support at $0.000008 propel the meme coin above $0.00001.
📈 The crypto market is generally bullish, highlighted by Bitcoin's price surpassing $38,000. However, certain altcoins, including Shiba Inu (SHIB), have been gradually losing ground. The second-largest meme coin is trading below $0.82 after bouncing off support at $0.000008. Further signs of weakness might lead traders to offload SHIB, anticipating a later buyback.
📊 Shiba Inu Price Prediction: SHIB In Dire Need of Support. SHIB barely holds above the 200 Exponential Moving Average (EMA) (purple) at $0.000008137. This follows the loss of confluence support from the 50 EMA (red) and the 100 EMA (blue) around $0.00000829. The Relative Strength Index (RSI) shows a slow bearish turn, with the indicator sliding below the moving average. Traders considering shorting SHIB may continue as long as the RSI trends downward and immediate support at the 200 EMA is lost.
📉 The previous support at $0.0000082 could rescue bulls if Shiba Inu drops below the 200 EMA. Another key support is evident from the ascending trendline (dotted), along with the next buyer congestion at $0.0000078. If SHIB rebounds from the 200 EMA support, the bearish theory could be invalidated, paving the way for a potential breakout to $0.0000086 and, subsequently, a move above the coveted $0.00001 area. Traders can consider buying SHIB as the price rebounds from the 200-day EMA, but exposure should be minimized until the meme coin surpasses the descending trendline resistance.
📊 The RSI on the daily chart maintains a bearish narrative, with Shiba Inu expected to keep seeking support and liquidity. Continued movement below the midline (50) towards the oversold area could trigger a larger sell-off.
🌟 On the bright side, there's a chance that SHIB's price will bounce off support at $0.000008, strengthened by the presence of the 50-day EMA, with the 100-day EMA slightly below it at $0.00000799. The upswing to highs beyond $0.00001 depends on the bulls' ability to push above the falling trendline.
💼 CoinMerge Bets Big On Shibarium. CoinMerge, a company focusing on the fast-growing Web3 space for 2.5 years, is placing a significant bet on Shibarium, the Shiba Inu layer 2 scaling protocol. Shibarium supports faster and cheaper transactions on the Ethereum network. Launched in August, the protocol boasts almost 18k daily transactions, comprising over 1.8 million blocks and 4.4 million transactions.
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