The price of Shiba Inu (Shiba Inu) is looking for a strong rebound if this critical level provides support. How far could the price of this famous meme coin rise?
Despite a slight recovery in the prices of most meme coins during the last 24 hours, the price of Shiba Inu (Shiba Inu-SHIB) continued to decline, losing 15% of its value over the last 7 days, as tensions in the Middle East contributed to a setback in the crypto markets in general. In comparison, the prices of other meme coins such as Dogecoin (Dogecoin-DOGE) and Pepe (Pepe-PEPE) increased by 1.5% and 4.6% respectively.
This comes as the price of the SHIB coin approaches a key support level that may determine its direction in the coming days at $0.00001050. Its project enjoys one of the strongest crypto communities and its technical system represents a platform for launching an increasing number of decentralized applications (dApps) that allow investors to stake their coins, enjoy blockchain-based games, and trade other meme coins. However, can a price rebound from its main support level of $0.00001050 upwards make the price predictions for Shiba Inu very promising?
Shiba Inu Price Predictions: Continued negative momentum with the possibility of peaking.
Reviewing the price chart for daily movements of Shiba Inu, the intensity of the bearish momentum has accelerated over the past few days, as the price has continued to decline in 7 out of the last 9 trading sessions.
Among the notable technical indicators in this context is the BBTrend indicator, which measures the extent of expansion or contraction of Bollinger Bands to determine the strength of the price trend. It currently shows gradually rising negative red bars, indicating increasing bearish momentum as the price of Shiba Inu approaches its main support level of $0.00001050. Despite its bearish indication, it may also mean that the coin is currently experiencing an excessive selling wave, and the decline may have reached excessive levels, opening the door to the possibility of starting an upward path if the price touches this level and rebounds upwards.
In this scenario, sellers may lack the strength to continue pushing the price downwards, supporting the upward price forecasts for Shiba Inu due to the tendency of prices to usually recover to the 'mid-range limit', which means the possibility of the price rising to the critical level of $0.00001500, given its alignment with the 200-day Exponential Moving Average (EMA-200).
Even with the disappointing performance of the SHIB price this year, the best new crypto IPOs - most notably the SUBBD coin currently - offer the possibility for early participants to achieve substantial gains.