Shiba Inu Price Prediction: SHIB Plummet 4% – Is a Retracement on the Horizon?

Shiba Inu's native token, SHIB, faces a downturn today, sparking discussions about the possibility of a price rebound. At 7:13 a.m. EST on November 22, Shiba Inu traded at $0.0000079.

This signals a 4% decrease in price within the last 24 hours.

Despite this price drop, the rate at which the token is sent out of circulation keeps increasing. This means that investors are more committed to making the token scarce. This, in turn, will increase the demand and possibly the price in the long run.

Also, the post from a popular Shiba Inu believer has instilled hope in the community. He claimed that SHIB has found strong support, and if this support holds, the price of SHIB could rebound.

$SHIB has a strong support. Price action is positive, building slowly pic.twitter.com/jSNzVTNR40

- $SHIB KNIGHT (@army_shiba) November 16, 2023

Shiba Inu Price Action

Based on SHIB's daily chart, in early August, Shiba Inu was going up. Unfortunately, there was a shift in sentiment, which affected the coin negatively. As a result, the price nosedived, dropping massively to a low of $0.0000072.

By November, the bulls gained control and pushed SHIB up again, reaching $0.000009.

But, this surge was short-lived, and the price declined. Over the past 14 and seven days, Shiba Inu (SHIB) faced a downturn, witnessing a decline of 3% and 6%, respectively.

However, a contrasting trend emerged when looking at the broader picture, as evidenced by CoinGecko's data.

In the last 30 days, SHIB has defied recent short-term losses by registering an impressive gain of over 10%.This resilience suggests that despite recent fluctuations, Shiba Inu has demonstrated a capacity for recovery and positive performance.

Investors may find reassurance in this broader perspective amid the coin's market movements.

SHIB trades above the SMA Indicator; What's Next?

The current analysis of the coin indicates a promising scenario as it maintains its position above the Simple Moving Average (SMA). Looking at the chart, this indicator is acting as a robust support level ($0.00000780).

Should this support hold, the market is poised to advance towards the resistance zone at $0.000009.

An upward breakthrough at this level could trigger a bullish sentiment, fostering a subsequent price surge to the next target.Conversely, a breach below the SMA may expose the coin to a potential drop to $0.00000673.

Examining the MACD reveals a bearish trend, with the indicator below the signal line and red histogram bars suggesting mixed market sentiment.

However, a potential shift to positive territory may be on the Horizon. A close today with a green candle can send a positive signal, potentially altering the current sentiment.Also, SHIB is hovering around the bearish trendline in the weekly timeframe.

If the bull could apply more pressure, the coin may likely break this level soon. This will signal buying opportunities for traders. Remember that crypto sometimes doesn't go as we analyze. Therefore, traders should apply proper risk management.

Factors that Could Propel Shiba Inu Price

In a recent development, a Japanese trading exchange, BitTrade, posted an announcement about Shiba Inu holders and XRP. This announcement has excited everyone.

According to the Tweet, the firm will extend its support to Shiba Inu lending and XRP. This started yesterday, November 21.

Further, the trading company shared in a blog post that the loan period is 90 days with an APR of 2 percent. Note that this applies to both XRP and Shiba Inu.

Also, the minimum XRP that is open for loan is 100 XRP for each person, and the max is 500,000 XRP. In the case of SHIB, the maximum is 10,000,000,000 SHIB, while the min. is 10,000,000.

How Will This Affect SHIB's Price?

This latest could potentially drive up the price of SHIB. Enabling users to lend SHIB creates additional utility for the token beyond regular trading.

The demand for SHIB may increase as users seek to participate in lending programs, especially with a relatively low Annual Percentage Rate (APR) of 2 percent.

This heightened demand, coupled with the potential scarcity as SHIB is being lent, could lead to increased buying activity in the market.

As more SHIB is utilized for lending on BitTrade, the reduced available supply in regular trading could contribute to upward price pressure.

Meanwhile, as of yesterday, November 21, the ecosystem has sent more than 27 million SHIB tokens out of circulation. This caused the burn rate to surge by over 47,000% in just 24 hours.

Also, today, another 2,000,000 SHIB have been removed from circulating tokens. This will reduce the supply of the token in the market.

When the supply is lower than demand, the price always increases. Based on all these, we anticipate a Shiba Inu (SHIB) price rebound in the coming days. However, a new project, Bitcoin ETF, is the best alternative for investors not convinced of Shiba Inu's potential.

Shiba Inu Alternative: Bitcoin ETF Token

Bitcoin ETF is the latest crypto project in the market, making headlines. This project is currently in its presale stage and has raised over $1.3 million.This new project is tied to the potential Bitcoin ETF spot listing.

Just 48 hours left until #BitcoinETF Stage 4 concludes! Keep watching! pic.twitter.com/9HJ19x5dba

- BTCETF_Token (@BTCETF_Token) November 22, 2023

Interestingly, if the BTC ETF spot is approved soon, companies like Bitcoin ETF will benefit greatly from it. Also, the Bitcoin ETF Token plan lets investors expect approval early. It has a staking feature and a burning mechanism tied to the official Bitcoin ETF approval.

Bitcoin ETF Token Presale: Strong Momentum, Staking Opportunities

Bitcoin ETF raised over $1.2 million in the first two weeks. The presale is divided into ten rounds, and the team offers 40% of the total token supply. The token's price is expected to increase after each round, and it's currently at $0.0056.

>>>Visit Bitcoin ETF Token Presale

Early presale participants can stake $BTCETF for significant annual returns, with over 144 million tokens already staked.According to the site, individuals can gain more than 185% in staking returns.

Interested investors can directly stake their holdings through the Buy and Stake' option.With all that in mind, to participate in the presale, visit btcetftoken.com.

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