Price Prediction for Shiba Inus: Is the Sell-Off Over? #SHIB Bounces 6% From Recent Bottom.
Traders are starting to question whether the current sell-off is done as the Shiba Inu (SHIB) Price has rebounded 6% to $0.00002750 from its previous low at $0.00002550.
The Shiba Inu price is still almost 17% below its peak of last week, when it was at $0.000033, even if it has bounced back.
The market's mood has been dampened by macro headwinds this week. As investors drop their expectations on interest rate reduction from the Federal Reserve, other big cryptocurrencies like Bitcoin have been falling in value.
This comes after US economic statistics this week was far better than expected.
The Shiba Inu price has fallen more than 40% from its all-time high as a result of this, which has lowered enthusiasm in the meme currency market.
Bull Shiba Inus, on the other hand, aren't going anywhere. As of mid-February, the token's value has increased by about three times, bringing the market cap of SHIB to around $16.3 billion.
The optimistic will be crossing their fingers that the impending Bitcoin halving and other favorable trends might revitalize the meme currency market.
Where Will the Shiba Inu Price Go From Here? If you want to know where the Shiba Inu price is going, you may use chart analysis.
A pennant structure that has been in action since early March and $SHIB 's latest decline below its 21DMA are both noteworthy.
Recent technical changes have led to more pessimistic short-term price expectations for Shiba Inus. Author: TradingView Recent technical changes have led to more pessimistic short-term price expectations for Shiba Inus. Author: TradingView As a result, technical selling is likely to be more common in the days ahead. Midway through March, at $0.000023, is a probable support level, and a retest of that level is probable.
After some time has passed, SHIB may even dip below the $0.0000017–18 region, which is a support–turned–resistance level.
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