Shiba Inu Price Prediction as SHIB Nears Annual Lows – Can We Expect a Reversal in the Market?
Shiba Inu (SHIB) edges towards its yearly lows, casting doubts about a potential reversal in its price trajectory. Importantly, SHIB has been on a steady downward movement since August.
Due to this downward pressure, the coin breached below the strong support level at $0.0000080. This level has provided support for SHIB for over a year.
Shiba Inu Price Action
Shiba Inu SHIB's price has risen by over 1% in the past 24 hours, trading at $0.00000704. According to CoinGecko, this marks an increase of 4% from its seven-day low. Shiba Inu (SHIB) has recently shown a slight increase of 2.5% in the last week.
However, note that it has decreased by 3.5% over a more extended period in the past month. Also, the coin is down significantly by more than 30% since the beginning of the year.
This sets it apart from many other well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL), which have not recorded such declines.
The SHIB's latest price moves bring hope to investors, suggesting that the worst part of its performance in 2023 may be behind us. But can Shiba Inu sustain this momentum? The following analysis could provide hints.
SHIB Price Analysis Using Technical IndicatorsThe price chart of Shiba Inu SHIB has been on a bearish move for several months. However, the technical indicators below signal a positive outlook on the coin's price trajectory.
Based on the technical indicators, the coin is cautiously optimistic. SHIB is slightly below the 50-day and 20-day Moving Averages (MAs), indicating that it's yet to escape the downward pressure.
However, the Moving Average Convergence Divergence is above the signal line with bullish histogram bars, indicating an increase in buy momentum. It shows that SHIB buyers are building up strength to take control of the market, and if this continues, it will form a new high in the coming days.
SHIB Forms Channel-Down Chart Pattern - What's the next?
The coin is exhibiting a channel-down chart pattern, showing a downward trend. This descending parallel channel started on August 14.
Based on previous price moves, these channels usually contain corrective movement, meaning a breakout in any direction will mostly be the future outlook for the token. On that note, if the SHIB manages to break above this pattern, there is a potential target of $0.0000084.
This move could signal a reversal in the current trend and suggest a more positive outlook for the coin's price. Conversely, if the price falls below the channel-down pattern, SHIB may continue its downward trajectory and decline to $0.000005.
Whale Alert Shows Massive Transaction - Are Whales Accumulating SHIB's Token Again?The recent transfer of over $32 million in SHIB from an unidentified wallet to another raises questions about whale activity in the token market.
- Whale Alert (@whale_alert) October 16, 2023
Whale Alert said this transaction occurred in Oct, involving about 4,587,030,677,374 SHIB. This substantial transaction hints at the potential for increased market activity shortly. Meanwhile, there has yet to be any indication that large holders are actively accumulating SHIB.
Notably, such significant movements of funds often draw attention and may signify upcoming shifts in SHIB's price performance. In 2023, the Shiba Inu ecosystem has made significant progress in adding more utility to SHIB.
These developments include launching a new layer-two network called Shibarium, which has handled about 3 million transactions and has around 1.25 million users.
The launch of Shibarium and other ecosystem developments set SHIB apart from other meme tokens, giving it a stronger foundation for future growth.
#Shibarium Update:
1,08 Million Blocks
- $SHIB KNIGHT (@army_shiba) October 11, 2023
This suggests it might become even more significant, especially with features like ShibaSwap and other dApps.If this happens, the price of SHIB could go up, reaching $0.0000080 in the next few weeks and even $0.000010 by the end of the year.
New Meme Tokens for Huge Gains
While SHIB's outlook appears bullish, its growth may depend on unpredictable factors. Therefore, it's hard to tell exactly what direction the token's price could take.
However, Meme Kombat (MK) is a particular type of cryptocurrency that could provide early investors with huge gains. It lets players bet on battles between Meme characters made by computers.
This year's presale projects have demonstrated great potential for making money, even when the overall market is not doing well.
Can Meme Kombat Become the Leading Meme Coin?Just sliding past 500k
We on our way
#MemeKombat pic.twitter.com/7b6H7ou3D4
- Meme Kombat (@Meme_Kombat) October 14, 2023
Meme Kombat is a new project that mixes gaming and meme coins. It's in its ICO phase, so enthusiasts can get in early and leverage the early pricing before the expected boom. This project lets users compete in battles with popular memes like Pepe, Shiba, and others.
Meme Kombat's unique features, like Play2Earn and GambleFi, set it apart from other memecoin. Even though it's still starting, it has gained significant traction in the crypto community.
The Meme Kombat token (MK) trades at $0.1667. Interestingly, the project has raised more than $500,000 in its presale, suggesting investors are confident. Visit the presale website to learn more about the project.
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