Shiba Inu price prediction: SHIB price displayed death crossover

• Shiba Inu price prediction suggests prices are expected to remain the wide range of consolidation.
• Shiba Inu price fell by 12% approx in the current month.
• SHIB price has negatively crossed the 50 day EMA and the 200 day EMA showcase downtrend.

Shiba Inu price prediction suggests prices are stuck into the range and expected to remain in consolidation. Until some big whale interest is visible and they break either side of the range. 

Shiba inu price is down by 35% approx from the recent peak and fell 12% approx in the current month indicates weakness. SHIB price had also slipped below the 50 and 200 day EMA which displayed a death crossover and showcase downtrend. 

Shiba Inu price trading at $0.00001050 with an intraday rise of 0.67% and 24 hour volume to market cap ratio at 0.041. SHIB price is trying to defend its previous breakout level at $0.00001000 but bears seems to be very aggressive and indicating more selloff is possible. At the beginning of February, Shiba Inu coin price holds the 200 day EMA and shot up 40% approx in the short span of time and hit a high at $0.00001578. Later, it failed to give the follow up momentum and ended up by trapping the bullish traders. 

SHIB price consolidated for a few weeks in the narrow range and tried to bounce back by taking support from EMAs. However, the attempt fails and prices break down the lower range which invites further selloff.

Will Shiba Inu price bounce back from the demand zone?

Shiba Inu Price slowly and steadily started declining by forming lower lows indicating signs of bearish trend reversal. Presently, The SHIB price is approaching the demand zone and hoping for some short term rebound. However, the probability of sharp bounce back remains low due to the EMAs resistance. The technical analysis suggests that Shiba Inu crypto is in the bears grip and more downside is possible in the coming weeks.

What if the SHIB price drops below the support ?

SHIB price had shown a minor recovery in the past few days but it lacked momentum on the higher levels. Therefore, Shiba Inu price has again returned back to the support level. If the sell off continues and Shiba Inu crypto price drops below the $0.00001000 then bears might try to drag the prices further down toward the yearly lows. The technical indicators of the Shiba Inu coin like MACD curve is flat and sloping sideways indicates prices may consolidate for some time. The RSI at 42 sloping down denotes price might enter into the oversold territory. 

Conclusion 

Shiba Inu price prediction suggests SHIB price is in downtrend and might consolidate in the wide range. The technical analysis of the Shiba Inu crypto is favors the bears and suggests that the probability of sharp rebound is low. 

Technical levels

Resistance levels : $0.00001400 and $0.00001578

Support levels : $0.00001000 and $0.00000775

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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