• Shiba Inu (SHIB) has fallen over 90% from its 2021 all-time highs.
• The crypto token is consolidating within recent $0.000007-8 ranges and is just below its 21 and 50-Day Moving Averages (DMAs).
• If SHIB was able to break above key resistance at $0.0000084, it could be set up for a swift rally back to test yearly highs around $0.000016.
Shiba Inu Price Prediction
Shiba Inu (SHIB), the ERC-20 meme coin token that powers the Shiba Inu web3 ecosystem, was last trading around $0.0000075, down more than 90% from its 2021 all-time highs in the $0.000088 area.
Current Price Action Analysis
For now, the crypto token is consolidating within recent $0.000007-8 ranges and is just below its 21 and 50-Day Moving Averages (DMAs). Shiba Inu saw a steep price decline in June, falling from around $0.0000086 to more than two-year lows under $0.000006 amid FUD created by the US Securities and Exchange Commission (SEC)’s lawsuits against Coinbase and Binance.
Price Prediction – Where Next for Shiba Inu?
If SHIB was able to break above its 21 and 50DMAs in the $0.0000075-77 area, it could potentially face significant resistance as it retests support-turned-resistance at $0.0000084, which roughly coincides with the downtrend from the all-time highs and the 100DMA.
Lagging Behind Other Major Cryptocurrencies
Despite the recovery in other major cryptocurrencies like bitcoin and ether this year, Shiba Inu has failed to see a substantial pick up.
Is Now a Good Time to Invest?
On one hand investors getting into the market right now would still be “buying the dip”, with SHIB still down over 90% from its record peaks . But on other hand ,the crypto token’s failure to recover could be viewed as a damning indictment that investors are “moving on” from Shiba Inu to other assets.