Shiba Inu Price Prediction as $100 Million Trading Volume Comes In as Crypto Prices Recover – Here's Where SHIB is Heading Now
Shiba Inu (SHIB) price predictions remain bearish despite a surge in trading activity that, according to CoinGecko, saw more than $100 million in SHIB tokens change hands over the last 24 hours.
That’s because Shiba Inu’s technical picture is still looking very ugly, with the crypto token current probing for a breakout below its December 2022 lows at $0.0000078.
SHIB/USD was last changing hands close to $0.000008, up a little over 1% on Thursday, but still down around 7% for the week.
The SEC’s double whammy of lawsuits versus Binance and Coinbase announced on Monday and Tuesday were the catalysts for SHIB breaking below key short-term support in the $0.00000830 area, which confirmed the bearish breakout of a short-term descending triangle pattern and confirmed that the 21-Day Moving Average (DMA) continues to act as strong resistance.
The latest bearish move marks a continuation of downside for SHIB which really accelerated in early May when the crypto token broke to the south of a longer-term pennant structure that it had been forming since prices topped out for the year in early February.
Recent downside also suggests that sellers remain keen to unload their holdings in wake of the recent bearish “death cross”, which occurred in early May.
A death cross is when the 50DMA crosses below the 200DMA.
If a breakout below the December 2022 lows in the $0.0000078 area is confirmed in the coming days/weeks, this should open the door to a retest of 2022’s lows in the $0.0000071 area.
HODLing SHIB bulls can only hope and prey that upcoming ecosystem upgrades, such as the launch of Shiba Inu’s very own Ethereum layer-2 scaling solution (called Shibarium) and SHIB: The Metaverse, can re-inject some impetus back into the meme coin.
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