The market’s second-largest meme coin by market value, Shiba Inu (SHIB), halted its rally with the recent BTC decline. At the time of writing, the meme coin, priced at $0.0000097, could not deliver any significant news to stand out during the current uptrend. The excitement for Shibarium has also faded months ago.
Shiba Coin News
After a weak 10-day uptrend, we saw Shiba Coin’s price suffer around an 8% loss. Sales triggered by the macro developments and the uncertainty on the BTC front supported this decline. Following a significant 7% drop on December 11, the RSI fell below 60, confirming the panic selling. Now, as BTC has surpassed $43,000, the price is continuing the day with a 1.8% increase.
According to Santiment data, the accumulation sentiment around Shiba Coin hasn’t been much affected by the recent price action. The recent market outflow has increased by 51%, suggesting that sales may continue to weaken.
Despite the price pullback, CoinGlass data indicates that funding remained positive. This shows that we are still far from net selling in futures contracts. If BTC can experience a quick recovery, we may witness Shiba Coin’s price removing an additional zero from its current price.
Shiba Coin Price Predictions
The popular meme coin maintained the $0.00000920 region as support but has yet to surpass the $0.00001 region. Not losing the middle area of the parallel channel indicates that investors expecting an uptrend have withstood the sales. The long tail in the weekly candle also supports this.
The direction of the price will be determined by BTC’s new highs above $44,000 and if it surpasses the ceiling line of $0.00001134, we may see new peaks between $0.00001485 and $0.00001572. In the continued uptrend scenario, the next stop might be $0.00001797.
So what’s the target in a potential pullback? If BTC drops below $40,000, it could trigger larger losses in altcoins. In this scenario, the targets would be $0.0000088 and $0.000008, and in the case of a shock sale, a needle could be dropped to the $0.0000064 region.
For now, BTC looks strong above $42,000, and the anticipated ETF approval news by January 10 could keep risk appetite high.
