Shiba Inu has decreased in the past 24 hours, although most other meme coins have had a slight recovery.

This cryptocurrency has lost 15% in 7 days due to rising tensions in the Middle East contributing to the decline in the overall cryptocurrency market value.

Other tokens like Dogecoin (DOGE) and Pepe (PEPE) have performed much better in the past day with increases of 1.5% and 4.6%, respectively.

Shiba Inu (SHIB) is approaching a critical support threshold at $0.0001050, a level that could determine the trajectory of this token in the coming days.

This project has one of the strongest communities in the cryptocurrency space and is home to a developing decentralized application (dApp) ecosystem where investors can stake SHIB, play blockchain-based games, and trade other meme coins.

If SHIB bounces off the critical support at $0.00001050, could this support the bullish forecast for Shiba Inu's price?

Shiba Inu Price Prediction: Negative Momentum Remains but May Have Reached Extreme Levels

When looking at the daily chart of Shiba Inu, we can see that the bearish momentum has accelerated in recent days as the price of this token has fallen in 7 out of the last 9 trading sessions.

An interesting indicator supporting the prediction of a decline in Shiba Inu's price is BBTrend. This index measures how Bollinger Bands have recently expanded and contracted to gauge the strength of the current price trend.

As seen on the chart, this indicator has created increasingly higher negative red bars, indicating an increasing bearish momentum as SHIB approaches a critical support level at $0.00001050.

Although this indicates a bearish outlook, it could also mean that sellers have gone too far and may predict that the downtrend will end when reaching this relevant level.

Therefore, if SHIB touches and rebounds from this mark, sellers may not have enough ammunition needed to continue pushing the price lower. This supports the bullish prediction for Shiba Inu's price favoring a 'mean reversal' move.

This means that SHIB could rise to around $0.00001500 – a significant level where the 200-day exponential moving average currently lies.