The price of Shiba Inu (Shiba Inu) is looking for a strong recovery if this critical level manages to provide support. To what extent could the price of this famous meme coin rise?
Despite a slight recovery in the prices of most meme coins over the last 24 hours, the price of Shiba Inu (SHIB) continued to decline, losing 15% of its value over the last 7 days, as tensions in the Middle East contributed to a setback in crypto markets in general. In comparison, prices of other meme coins such as Dogecoin (DOGE) and Pepe (PEPE) rose by 1.5% and 4.6%, respectively.
This comes as the price of SHIB approaches a key support level that could determine its direction in the coming days at $0.00001050. Its project enjoys one of the strongest crypto communities, and its technical framework represents a space for launching an increasing number of decentralized applications (dApps) that allow investors to stake their coins, enjoy blockchain-based games, and trade other meme coins. However, could a rebound in price from its main support level of $0.00001050 upwards make the price predictions for Shiba Inu very promising?
Price Predictions for Shiba Inu: Continued Negative Momentum with the Possibility of Reaching a Peak
By reviewing the daily price movement chart for Shiba Inu, it is clear that the intensity of the bearish momentum has accelerated over the past few days, as the price continued to decline in 7 out of the last 9 trading sessions.
Among the notable technical indicators in this context is the BBTrend indicator, which measures the expansion or contraction of Bollinger Bands to determine the strength of the price trend. It currently shows gradually rising negative red bars, indicating increasing bearish momentum as the price of Shiba Inu approaches its main support level of $0.00001050. Despite its bearish indication, it may also mean that the coin is currently experiencing an over-sold wave, and the decline may have reached excessive levels, opening the door to the possibility of starting an upward path if the price touches this level and rebounds upwards.
In this scenario, sellers may lack the strength to continue pushing the price down, which supports the bullish price predictions for Shiba Inu due to the tendency of prices to usually regain the 'mean range'. This means the possibility of the price rising to the important level of $0.00001500, as it aligns with the 200-day Exponential Moving Average (EMA-200).
Even with the disappointing performance of SHIB's price this year, the best new crypto offerings - currently highlighted by the SUBBD coin - provide the opportunity for early participants to achieve substantial gains.