Prediction for Shiba Inu Correction: Will it hit $0.000006?

Updated: 12 September 2023

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As the SHIB price challenges the $0.000007 monthly support, coin holders will likely be left with a longer downtrend than expected.

In the past few months, the SHIB price has been plunging downward from an all-time high of $0.00000838 to a recent low of $0.0000069, a notable downward trajectory since the tail end of August. It is certain that the sharp 16.5% decline in SHIB shares, which coincides with the broader bearishness in the market, depicts unwavering sellers of SHIB shares.

Memecoin, one of the most popular cryptocurrencies on the internet, is on the verge of further downfall with its falling price and crucial monthly support.
Breakdown of $0.000007 Support Will Trigger 9% in the Near Term

As a strong support for crypto buyers, the $0.000007 support is great news. In this case, the dynamic resistance of the 20-day EMA could help the seller prolong the downward trend for a while longer.

It should be noted that the Shiba Inu coin has an intraday trading volume of $122 Million, which shows a gain of 62%.

At the time of writing, Shiba Inu‘s price stands at $0.0000072, teetering precariously on the support of $0.000007 that has existed for over a month. With the uptick in volume accompanying this descent, it is clear that the seller is committed to a potential prolonged correction phase, which is particularly relevant if the price breaks the crucial $0.000007 support line.

There is a possibility that SHIB will move further downwards should the daily candle close below the $0.000007 mark, as the sellers would firmly have the upper hand and likely push SHIB into bearish territory. Shiba Inu will likely take another tumble by approximately 9% upon confirmation of a breakdown, and that support level of $0.0000064 will be targeted as the immediate support level.

If this bearish momentum doesn’t wane, SHIB might even find itself at $0.0000054 within the next few weeks, wiping out any gains from June to mid-August effectively wiping out any gains it accrued during that period.

Here’s how the SHIB price could trigger a sustained recovery

Even though the Shiba Inu coin is currently experiencing a bearish trend, it is also important to keep in mind that this decline remains within the confines of an ongoing falling wedge pattern that does not necessarily indicate a downward trend.

Depending on how the trend continues, we might see the coin approaching the support trendline of the pattern around $0.000005, which would provide an opportunity for buyers if the trend continues. Shiba Inu will likely prove to be a good buy only if the pattern breaks above its resistance trendline before a solid recovery can be confirmed.

Pre-sales for Bitcoin BSC have reached the million mark

As soon as Bitcoin BSC (BTCBSC) presale announcements were made, it was announced that the presale had come close to reaching its first fundraising goal of $1 million. Even though there are several BSC-related projects out there, the project that brought Bitcoin to BSC offers a Bitcoin version that has been around since 2011, meaning that a BEP-20 token is valued at just $0.99.

The project, however, aims to offer staking as an option, which will allow tokens to be released at the same rate as they were released by the block mining process on the original Bitcoin network, so that tokens can be released at the same speed.

Considering this ticket’s bright future, it is selling at an accelerated rate, and depending on the payment method you choose, you can buy the ticket with BNB, ETH, or USDT. Presales will continue until the soft cap of $3.06 million is reached, which will take place in seven days. However, there is still time before we hit the soft cap.

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