Shiba Inu (SHIB), the world’s second-largest meme coin by market capitalization, is going sideways in the $0.0000087 area, with the 21-Day Moving Average (DMA) having acted as a magnet to the price action for the last three days.
#ShibaINU bulls are hoping that the cryptocurrency can close above the 21DMA and a recent downtrend, which could set up a potential retest of recent highs in the $0.0000092 area, or even a move back towards resistance in the $0.0000097 area in the form of March/late-April lows.
But if SHIB fails to get convincingly back above its 21DMA, price predictions are likely to remain bearish.
Indeed, the longer-term technical outlook continues to look concerning for the SHIB price.
The breakout below the March to April uptrend in early May continues to create sell pressure, as does the recent “death cross”, where the 50DMA crossed back under the 200DMA.
Technicians continue to make the price prediction that SHIB will retest its late 2023 lows under $0.000008 level.
Now might be a good entry point if SHIB if the #cryptocurrency can break above near-term resistance levels and rally back towards $0.000010.
But it’s a risky bet, with many expecting SHIB’s decline to continue for the foreseeable future.
source: cryptonews
image source: ai
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
