Shiba Inu Breaks Downtrend Line – Is A Trend Reversal Imminent?
01 August 2022 - 2:50AM
NEWSBTC
Shiba Inu (SHIB) along with another meme coin Dogecoin (DOGE) have
had the worst crashes. However, SHIB is singing a different tune as
it turns green after suffering a bearish downturn for a long time.
Unlike DOGE, the crypto community is very optimistic about the
future of Shiba Inu’s price. Shiba Inu is a popular dog meme coin
that is said to rival Dogecoin. SHIB is a high-performer in the
crypto space but also suffered a catastrophic drop like the rest of
the crypto market. However, in October, SHIB was able to bounce
back by more than 100% and reached an ATH of $0.00008616. Shiba Inu
was built on Ethereum while DOGE had its own blockchain. SHIB went
viral as it was treated like a joke on social media, especially on
Twitter. Basically, Shiba Inu initially was able to ride on with
DOGE’s success as many people jumped in and bought SHIB to rake in
from the positive market sentiments. Crypto Community Predicts 101%
Spike For SHIB The CoinMarketCap community forecasted that SHIB
will trade by $0.00002065 at the end of July this year. The crypto
community, composed of around 16,403 members has predicted Shiba
Inu’s price to spike by 101.30% or 0.00001039 from its current
price. As of this writing, the community members have voted and
forecasted the SHIB price for August to glide to
$0.00001761. Since January of 2022, SHIB has been on a
steady decline seen mostly in May but the good news is that it
generated short-term winning streaks as of press time. The dog meme
coin has dropped massively by 60.82% from $0.000034 seen on January
1 to now at $0.00001026. As per CoinMarketCap data, the total
market capitalization of SHIB stands at $5.62 billion. The crypto
market has crashed extremely hard but SHIB has suffered a more
aggressive type of crash. Most cryptocurrencies have dropped by 75%
in the previous months but SHIB lost as much as 90% in total value.
SHIB Outpaces DOGE, Breaches Downtrend Line However, when it
performed a bullish movement in October, SHIB was able to outpace
DOGE in the top 10 crypto list. SHIB now has a loyal and raving
community bringing in more investors. SHIB downtrend was seen last
year in November and prices dropped massively to as low as
$0.0000077. SHIB was able to breach the downtrend line which hints
at a trend reversal and indicates robust validations especially
with the crypto market flashing the green light. SHIB’s technical
indicators show that there is a coming uptrend. If SHIB can
successfully breach the $0.000013 price barrier, it can offshoot to
the next target at $0.000020. SHIB total market cap at $6.6 billion
on the daily chart | Source: TradingView.com Featured image from
Cointribune, chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024