Shiba Inu Price Prediction: The ongoing correction in the second-largest meme cryptocurrency Shiba Inu coin can be followed using two parallel walking trendlines. Over the past three weeks, this coin’s value has declined from $0.00000964 to its present level of $0.00000834, translating to a 13.5% decrease. Amid the overhead supply from resistant trendlines and broader market uncertainty, the SHIB price is at risk of further downfall.
Also Read: Shiba Inu (SHIB) Price Forecast With AI Insights For December 1
Will SHIB Price Extend Correction to $0.000007?
- The SHIB price correction shapes into a bullish flag pattern
- The coin price is still above the 50% Fibonacci retracement level, indicating the overall uptrend is intact.
- The intraday trading volume of the Shiba Inu coin is $118.5 Million, showing a 61% loss.
The Shiba Inu price has seen a slight uptick of 0.6% today, edging closer to retesting the upper boundary of its flag pattern. Historical analysis of this pattern suggests that previous attempts to breach this trendline have typically been met with substantial resistance, resulting in a retreat to the lower trendline.
Given the Bitcoin price struggle to breach the $38,000 mark, market sentiment currently skews towards uncertainty and bearishness. Should the SHIB price reverse at this critical juncture, we could see a decline of approximately 14%, targeting a value of $0.00000715.
This potential descent might encounter intermediate support levels at $0.00000806 and $0.00000761.
On the flip side, it’s important to note that the flag pattern is typically seen as a bullish indicator. Thus, a successful break above the upper trendline is needed to turn the dice in buyers’ favor. The post-breakout rally may propel the SHIB price towards higher price goals, potentially aiming for $0.00001 and then $0.000011.
SHIB vs DOGE Performance
A comparative analysis between the two leading meme cryptocurrencies, Dogecoin and Shiba Inu, shows both assets have witnessed a significant recovery. However, the SHIB appears to be facing a steeper correction, characterized by a pattern of new lower lows and highs. In contrast, the Dogecoin price has demonstrated a stronger rebound, poised to surpass its last swing high.
- Exponential Moving Average: The Shiba price struggling to sustain above the 200-day EMA shows negative sentiment among market participants.
- Vortex indicator: A bearish crossover state between the VI+(blue) and VI-(orange) slope accentuates the sellers’ upper hand.