Shiba Inu (SHIB) has gone down by 7.4% in the past week and currently sits at $0.00001237 as rising tensions between the United States and China on the trader front have managed to spook investors.
The latest decline has managed to push this meme coin’s year-to-date losses to 41.5% again.
Trading volumes in the past 24 hours have surged by nearly 78% as the sell-off intensified yesterday afternoon.
On-chain data indicates that a significant amount of tokens are held by investors are held by investors with a cost basis ranging from $0.000012 to $0.000013.
Hence, this may be a heavily defended price zone where trading volumes may skyrocket. This favors a bullish Shiba Inu price forecast in the near term as bulls will do their best to keep their positions afloat and in green territory to avoid a long squeeze.
Shiba Inu Price Prediction: Can the #ShibArmy Keep the Price Above $0.00001200?
The #ShibArmy, the community that backs this meme coin, is one of the strongest in the crypto space. Its social media accounts are followed by millions and more than 1.5 million accounts hold $SHIB at press time.
In addition, the project recently launched the ShibaDAO – a decentralized governance entity that has effectively surrendered the project’s reins to the community.
If the army closes ranks at this point, they could manage to keep the price up through a concerted effort.
The daily chart shows that SHIB broke its trend line support in the past few days and has also dropped below its short-term exponential moving averages (EMAs).
The price has found support at $0.00001200 for now and rose strongly during the Asian session as bulls seem determined to hold their ground at this level.
SHIB could be pushed to retest its former trend line support from below. If it rejects it, we could draft a Shiba Inu price prediction of $0.00001050 as this is the nearest area where the token has found support after a bearish breakout below $0.00001200.
This meme coin’s upside potential seems capped at the moment. However, Bitcoin’s path to new all-time highs has been paved lately.
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The post Shiba Inu Price Prediction: 39 Trillion SHIB Held at Crucial Level – SHIB Holders Should Watch Out appeared first on Cryptonews.
