Bitcoin is struggling to surpass $26,800 but is still holding above $26,000, which is a positive development. Shiba Coin investors had high expectations last month due to several announcements. However, the overall market sentiment has erased SHIB Coin’s gains. So, what’s next?
Shiba Coin Analysis
The price of Shiba Inu (SHIB) has declined to $0.0000080 from a significant horizontal support level. This has undermined the optimism about the long-term trend. Both weekly and daily readings indicate a downward trend. Therefore, the Shiba Coin price may drop to the next support level.
The weekly technical analysis for SHIB price shows a continued downward movement since August. At that time, the price was rejected by a declining resistance line. The decline caused a breakdown from the $0.0000080 horizontal support area, which has been a critical support zone since May 2022.
The likely and possible target for the downward scenario is the $0.0000060 support. If this decline occurs, the price will have declined by 18% from its current level.
Shiba Coin Price Prediction
For the bullish scenario, the price needs to break the $0.00008 resistance area. The next target is at $0.000015. If Bitcoin can reclaim $29,000, this 110% bullish scenario may also come true for Shiba Coin.
Readings on the daily chart indicate a weak probability of the optimistic scenario mentioned above. The price has lost the rising support line since June and unless it climbs back into that zone, selling pressure may continue. The area lost on August 17 was confirmed as resistance the next day.
Considering these bearish indicators, the most likely future prediction for SHIB price seems to be a retracement to the previously mentioned long-term support level. However, surpassing the $0.0000080 level could invalidate the previous bearish setup.
On the other hand, positive news about the Shibarium ecosystem and new announcements from the team could help the price show positive divergence. The upcoming Federal Reserve meeting is likely to be hawkish, which poses a general market risk of a downturn.
