Shiba Inu (SHIB) Coin Price Forecast: Brace for Crash or Seek Refuge in yPredict?

Updated: 01 August 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Shiba Inu (SHIB) is now facing bearish pressure despite the updates surrounding its Shibarium launch. Could this be a sign of further decline or a bullish trend ahead?

Shiba Inu Price Kicks Off Sell Move

As of 5:50 am EST, Shiba Inu (SHIB) has fallen slightly by 1% over the last 24 hours, trading at $0.000008318. However, SHIB’s overall weekly performance remains positive, with a gain of 6.40%.

Interestingly, the recent price dip has not affected SHIB’s trading volume, which has risen by 22.8% over the past day. The trading volume now stands at $181.4 million.

Sell Pressure Mounts SHIB’s Market

SHIB has encountered a significant resistance level at $0.00000850, which could trigger a selling move. Moreover, the token’s price remains below the 200-day Moving Average, confirming the bears’ pressure on the market, which could last a few days.

Shiba Inu (SHIB) Coin Price Forecast: Brace for A Crash or Seek Refuge in yPredict? — Source: TradingView.com

Also, the MACD indicator has formed a partial green bar following a few vivid ones. This display implies that the bulls are now losing strength in the market, which could result in a bearish trend.

However, SHIB trades above the 50-day MA, a position that may serve as a support level in the future.

Meanwhile, the RSI holds at 58.4, and the MACD line stands above the signal line. While these positions may encourage a bullish move, the resistance level at $0.00000850 could remain its most substantial opposition.

The trend above suggests that SHIB will likely drop from $0.000008318 in the coming days. But the crypto market’s fluctuations could reverse the trend negating the analysis above.

Shiba Inu Alternative

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