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Shiba Inu is down almost 55% since setting a swing high at $0.00001794 in June last year. SHIB price has also lost 15.4% over the last 30 days and currently trades at $0.0000847, up a mere 0.08% on the day.
SHIB appears to be at risk of more losses as bears continue dominating the market with community conflicts adding to the headwinds. However, the month of June is important to Shiba Inu as it recorded a magnificent recovery last year during the same month. Could history repeat itself taking the coin back to $0.0000170?
SHIB price bulls hoping for a magical June recovery
SHIB price is trading with a bullish bias on the daily chart as bulls fight to keep it above June 2022 levels. Note that the dog-themed token is consolidating above the $0.0000080 psychological level.
It should be remembered that Shiba Inu bounced off this demand zone staging a whooping 124% rally between June and August 14 setting a high at $0.00001794. It could be expected that the same price action could play out in June this year, breaking SHIB price from the current consolidation. If this happens, Shiba Inu price could rise 110% from the current levels to $0.00001794.
Shiba Inu Daily Chart
Apart from June, the altcoin also bounced from this region in January this year, doubling in value to set a swing high at $0.00001590 on February 23. This means that this buyer congestion area provides robust support that could lift the token off the current levels to record higher highs.
However, after turning away from the highs mentioned above, SHIB bulls have continued to lose ground against the bears. A stubborn resistance line has underpinned the price since then.
Additionally, token burns appear not to be achieving the expected result, given that the meme coin has recorded massive losses since February as sellers continue to dominate the market.
JUST IN‼️
Someone burnt 152M $SHIB. 🔥https://t.co/lAzdGRiVzN
— SHIB HODLER (@ShibaInuHodler) June 2, 2023
The technical setup points to a further downside placing SHIB at risk of hitting new record lows. Momentum indicators show that the prevailing market conditions favor the downside.
For example, the Relative Strength Index (RSI), the oscillating indicator that is used to measure the price momentum, is positioned in the negative region. The price strength at 35 suggests that bears are in full control of SHIB price.
In addition, the Directional Movement Index (DMI) added credence to Shiba Inu’s grim outlook. The positive directional line (+D) at 12 was below the negative directional line (D-) at 27. Moreover, the position of the average directional line (ADX) at 35 suggested that the downtrend is very strong.
Also playing a role in Shiba Inu’s downside is the latest community conflict leading to SHIB Token’s official Discord being paused on May 30. It is said that Shiba Inu’s fast food chain Welly’s Burger reportedly sent 37 Ethereum (ETH) (~$70,000) to the SHIB Army, but Trophias, a controversial member of the SHIB community, intercepted the funds.
This adds to the many conflicts that continue to hurt Shiba Inu price, delivering SHIB to its 90-day low at around $0.0000084. An increase in seller pressure beyond this level could see the meme coin break below the immediate support at $0.00000800 to collect sell-side liquidity.
The next logical move would be a drop to $0.0000075. This would represent a 11% decline from the current price.
What’s the Next SHIB? Best Alternative
Those seeking to go long on SHIB should wait for a decisive close above the $0.0000090 psychological level. Conversely, those seeking to short the meme coin should wait for a clear bearish breakout below $0.0000080.
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