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The second-largest meme coin by market value has been significantly affected by the prolonged market downturn. Every attempt ends in failure, primarily due to issues negatively impacting its mid-term outlook. Will the 9-week nightmare for Shiba Coin come to an end? What do the current data tell us?
Shiba Coin (SHIB)
At the time of writing, the Shiba Coin price continues the day with a 5% loss. This is due to Powell’s recent comments that the tight monetary policy might remain at its peak for a longer period. The Fed has two ways to combat inflation: either increase interest rates further or delay reducing high interest rates. Both are bad for crypto, and it is uncertain how long the US economy can manage this strained process.
Returning to Shiba Coin, the steady decline in active deposits is noteworthy. This tracks the transfer intensity from self-custody wallets to exchange addresses. An increase in this indicator signals potential sales pressure due to more tokens being moved to exchanges, indicating upcoming large sales pressures.
The metric, which has reached its lowest level in recent weeks, indicates that investors are currently less willing to sell. Additionally, the sales by risk-averse investors in recent weeks were already intense, and those remaining are now observing what will happen.
Shiba Coin Price Prediction
The current price of Shiba Inu hovering at $0.0000238 is above a key support level. The nearest support level is at $0.0000209, which has been a strong barrier against the bears for some time. If Shiba Coin can turn the $0.0000258 region, just above its current level, into support, it is possible to test the $0.00002835 resistance. If this is surpassed, the price, which has been stuck for some time, could sail to new highs.
On the other hand, if the key support level is lost, volatility will increase, disappointing investors. In case of excessive sales, the $0.0000147 support could be tested. A failed attempt towards resistance could keep the price consolidated in the narrow range mentioned earlier for a longer period.
