Shiba Inu (SHIB), one of the most popular cryptocurrencies, attracts many people’s attention and investment with its low price. That’s why people are curious about the next levels for SHIB and follow the analysis. In this article, we will share some analyzes that point to a decline in SHIB. Here are the details…
Will the bearish trend continue in the Shiba Inu?
Shiba Inu price has been waiting to find a perfect support level for months after its latest explosive move. Despite reclaiming the gains of the last rally, SHIB failed to reach a steady footing. However, things are getting better as the meme coin prepares for a volatile move. At least that’s how it is, according to analyst Akash Girimath. If SHIB continues to move downwards, the analyst suggests that the popular meme coin will drop by 25 percent. This points to the range of $0.0000083 and $0.0000093. According to the analyst, although this emphasizes the bearish trend in the short term, it lays the groundwork for the long-term bullish game.
“It’s fun to watch how the price stabilizes at this stage,” the analyst continues, commenting. The next target could be around $0.0000180. The profit level may be around these levels for a long time, as the price may triple-top, up 43 percent. If the checkpoint collapses, a drop to the weekly support level at $0.0000087 is expected.
There is a possibility that the price could hold above $0.0000118 and rally to $0.000028. On the other hand, the price breaks the checkpoint and it could drop to $0.0000083 or $0.0000093. As a result, the Shiba Inu posting a one-day candle above the $0.00118 threshold will indicate bearish weakness. According to the analyst, if this hurdle turns into a support base, it will invalidate the bearish view. This development could see Shiba Inu price trigger an early rise to $0.0000179.
Analyst points to similar levels for SHIB
On the other hand, Shiba Inu price stabilized above the $0.0000118 support level for a while before starting a 50 percent increase, according to analyst Delma Wilson, who pointed to similar levels. SHIB broke this level to the downside on the previous trading day. Therefore, the beginning of the downtrend is confirmed.
The cryptocurrency triggered a 50 percent rally after changing that level to support on August 5. However, it consolidated above this level for a while before the rally. At the time of writing, SHIB is changing hands at $0.0011174, up 0.6 percent. Although it has risen in the last 24 hours, the cryptocurrency has lost close to 10 percent in the last 7 days.
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