Shiba Inu price was looking promising when it entered the market. Yet, the price recently split support in the shape of a trend line, which wasn’t anticipated. Many traders expected that Shiba Inu price will create a new uptrend by utilizing the uptrend help. This bar has now been smashed, but does that suggest that prices are about to drop more? Or is SHIB dead? In this Shiba Inu price prediction, we’re going to technically study the SHIB token.
What is Shiba Inu Crytpo?
Shiba Inu is a memecoin that was created on the Ethereum blockchain. It is effortlessly recognizable due to the Shiba Inu dog picture formed on it. The crypto enthusiasts believe the token is a close replacement for Dogecoin, while some dub it the ‘Dogecoin Killer.’ Shiba Inu was formed in 2020 by a company called Ryoshi.
Shiba Inu attained popularity in the market after it encountered a huge wave that brought its market cap to $41 billion in October 2021. One of the promoters of the peak was Elon Musk, who tweeted a photo of his new puppy called Floki. Shiba Inu literally rivals Dogecoin in the market and has beaten the token at one point in the market. It remains unnoticed if this will ultimately happen.
Shiba Inu Price prediction: Will SHIB Price Grow or Drop?
In our previous analysis, we had mentioned the reasons behind the price drop. The relatively new currency drew myriad investors, mainly after the success of Dogecoin. Yet, the coin has been undergoing persistent drops fueled by growing sell-offs from traders. At the time of writing this, the Shiba Inu price is sitting at $0.00000866. In the last seven days, the SHIB price has decreased by almost -18.3%.
Coins that have no utility find it extremely difficult to survive in the bear market. So far, Shiba Inu is holding up but displaying a constant drop.
If we glance at the weekly chart, we can witness that the Shiba Inu price is in a descending triangle. This triangle has also been demonstrated as the lower support and the trend line has been stretched at least three times. As the price is in the last third of its shape, the price could be about to smash out anytime again. The possibility that the Shiba Inu price will break out in a bearish manner is around 70%, so one should definitely be cautious. We therefore also believe that the price will fall a little more until there could be a trend reversal at some point.
Shiba Inu Price prediction: Is SHIB dead?
Since there is a higher chance that the price will break out bearishly, we also consider the scenario. We could guess the price dropping to the next support. This could be at around $0.00000683. The descending triangle shape target is also near the support ($0.00000683). Based on this, we can well guess that the price will encounter a trend reversal at this support.
Investing in Shiba Inu right now could be risky, especially since it is constantly dropping. The coin is yet to rebound, and it may take some time before it displays new progress. Looking at the basics, it has a fragile framework and the price could further drop.
The meme coins’ price surge in favor began with tweets from Tesla’s CEO Elon Musk, who welcomed a Shiba Inu breed puppy in October. Shiba Inu also increased when well-known cryptocurrency exchanges like Binance and Coinbase Pro backed it. But now it appears that the Tesla CEO is also not much talking about SHIB or DOGE on Twitter and also the coins seem to depend on the “Greater Fool Theory”. The greater fool theory implies that most people buy an asset anticipating selling it to someone (the greater fool) for making more capital in the future without acknowledging fundamentals or real-world efficacy.
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