Shiba Inu Price Prediction: Another Sharp Fall?

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Last week was rough for Shi­ba Inu, which dropped by 18 per cent, as the meme­coin con­tin­ued to strug­gle amidst a bear trend in the cryp­tocur­ren­cy mar­ket. How­ev­er, today, the cryp­to is up by a per­cent­age point. Shi­ba Inu is also look­ing like­ly to rise through­out the session.

One of the main issues that have plagued the recov­ery of Shi­ba Inu for the past few weeks is the cur­rent bear­ish trend in the cryp­tocur­ren­cy indus­try. Today, the indus­try has dropped by more than 5 per cent, which has result­ed in the mar­ket cap­i­tal­iza­tion of the indus­try falling to $910 bil­lion. Unfor­tu­nate­ly, such moves affect Shi­ba Inu, which has a sig­nif­i­cant cor­re­la­tion with the indus­try and espe­cial­ly major coins such as Bit­coin, which are also in an aggres­sive bear­ish trend. 

Anoth­er issue is the dis­sat­is­fac­tion of Shi­ba Inu investors with the rate of burn­ing the coins. Many of them feel that the speed of remov­ing SHIB tokens from cir­cu­la­tion is mov­ing slow­ly. To put it into con­text, the past 24 hours have seen more than 150 mil­lion SHIB tokens removed from cir­cu­la­tion. In the past 3 months, reports indi­cate that 11 bil­lion SHIB tokens have been removed from cir­cu­la­tion, which is equiv­a­lent to $128,000. Also, since its launch, 40 per cent of the SHIB sup­ply of 1 quadrillion has been removed. How­ev­er, to many investors, the speed should be much faster. 

Today, it is esti­mat­ed that over 549 tril­lion Shi­ba Inu are in cir­cu­la­tion, and despite the coin’s past suc­cess, the huge cir­cu­la­tion makes it hard­er for its prices to surge again. 

Shiba Inu Price prediction

Look­ing at the dai­ly chart below, I expect the prices to con­tin­ue falling. This is after prices retreat­ed back below the $0.000012 price lev­el, and since then, the prices have trad­ed in a strong bear­ish trend with the excep­tion of today.

There­fore, my Shi­ba Inu price pre­dic­tion expects the prices to hit the $0.0000095 sup­port lev­el. There is also a high like­li­hood we might see it trad­ing below the sup­port lev­el. In the next trad­ing ses­sion, I also expect the glob­al cryp­tocur­ren­cy trend to play a sig­nif­i­cant role in the Shi­ba Inu trend, there­by con­tin­u­ing its cur­rent price drop. My analy­sis will be inval­i­dat­ed by a Shi­ba Inu return above the $0.00012 resis­tance level.

Shiba Inu Daily Chart



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