Shiba Inu Price Forecast: SHIB Lifeblood To $0.000035 Runs Out
- Shiba Inu gives up its position above $0.00003 as declines to $0.00002 linger.
- The 50 SMA on the four-hour chart is SHIB's most tentative support area, likely to stop bears from stretching to $0.00002.
Shiba Inu seems to be having a challenge sustaining the uptrend despite the aggressive support of the ShibaArmy. The token exploded to stardom last week, following a catalyst by Teslas' CEO Elon Musk.
As reported, the billionaire published a tweet welcoming his new pet, a Shiba Inu. Fans of the meme-based coin, best known as the Dogecoin spinoff, reacted to the incident, in turn, kick-starting what would become a 400% rally.
Shina Inu swung north, touching $0.000035 since May 12. The rally was reflected in its market share, bringing the token closer to the top ten. At the moment, SHIB is the 12th largest cryptocurrency, boasting roughly $15 billion in market cap.
Shina Inu Price Risks Pullback To $0.00002
At the time of writing, Shiba Inu trades at $0.0002814 after its value dropped by over 9% in 24 hours. Live price data from CoinGecko reveals that the seven days' accrued gains have reduced to 74%, while SHIB attracted a $4.1 billion trading volume across known exchange platforms.
In the last 24 hours, the mission has been to keep Shiba Inu above $0.000035, a task expected to attract more buyers amid speculation for a return to $0.000035. Nevertheless, the token appears to be losing ground amid fears that investors are exiting to make profits.
Toward the end of last week, Shiba Inu recorded the largest token selloff in the history of the cryptocurrency market. Hence, another selloff hovers, likely to sabotage the recovery beyond $0.00003. Support established at $0.00002 came to the bulls' rescue.
SHIB/USD Four-Hour Chart
Meanwhile, overhead pressure rises at the time of writing, and Shiba Inu's path with the slightest resistance remains downward. The 50-day Simple Moving Average (SMA) on the four-hour chart is the next best support option for the meme-based token.
If this support is shattered, investors should start envisioning SHIB tumbling to $0.00002. The Moving Average Convergence Divergence (MACD) accentuates the bearish grip on the price. This technical index affirms the momentum favours the sellers, at least for now. As the MACD moves toward the mean line, the odds increase in support of an extended pulldown.