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The price of Shiba Inu (SHIB) could be labeled as a crypto underperformer if the current bearish crypto market drags on. SHIB investors should brace for further diminishing returns for the well-known meme coin.
At the moment, investors show no interest in SHIB at its current level of $0.00001200. The consolidated sideways action is forcing the meme coin into a tough spot, as long-term SHIB investors seem to be slowly opposing the idea of re-investing more capital into the coin.
The last 3 months had been tough for SHIB as its price fell from the key $0.00004000 level. Since the plummet, there has been little to no evidence that investors are enticed to allocate more Shiba coins in their portfolios.
Looking at the price of Shiba Inu, there is further evidence of the lack of interest from key investors in the volume profile. The current pattern suggests that bulls will only become interested in SHIB’s price once the current support level of around $0.00001200 is broken.
Bears have the upperhand at the moment in the cryptocurrency market. Should the current crypto market conditions persist, we could see bears take the price of SHIB to as low as $0.00000500.
The 12 hour chart for SHIB/USDT indicates that the unfortunate demise of SHIB’s price lies at approximately $0.00001850. The only chance that Shiba Inu has at surviving this bear market is if bulls are able to breach this level. Following the breach of this level, bulls can then target $0.00003000, which is a 130% increase from the current price of SHIB.
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