SHIB Price Prediction: Shiba Inu risks further falls, as critical 200-SMA caves in


  • SHIB price breaches 200-SMA on the 4H chart, calls for more downside.
  • A test of the horizontal trendline support at $0.00000463 remains on the cards.
  • Bear cross keeps the sellers hopeful while RSI remains bearish.

The Shib price is looking to extend Friday’s sell-off, as China’s regulatory implications continue to haunt the cryptocurrency market, keeping the buyers on the sidelines.

The canine-themed coin is shedding nearly 11% so far this Saturday, having lost about 70% of its value from record highs of $0.000039.

SHIB price braces for more declines

The Shib price is consolidating the latest leg down to $0.0000065 lows, as the bears gather strength for the next push lower.

At the time of writing, Shiba Inu is trading around $0.0000070, having breached the last line of defense for the bulls, which is the critical 200-simple moving average (SMA) on the four-hour chart. That level is now seen at $0.0000084.  

The Relative Strength Index (RSI) is seeing an upturn but remains way below the central line, suggesting that any pullbacks are likely to remain short-lived.

Meanwhile, an impending bear cross on the said time frame, with the 21-SMA approaching the 200-SMA, also boosts the odds for a fresh downswing.

It’s worth mentioning that the Shib price met fresh supply and breached the 200-SMA on a sustained basis after the 50-SMA pierced the 100-SMA from above and confirmed a bear cross during Friday’s European hours.

This implies that if the 21 and 200—SMAs bearish crossover materializes, any chance of a bullish reversal could get invalidated, exposing the $0.00000654 low, reached due to Wednesday’s market collapse.

A firm break below the latter could trigger a steep drop towards the key horizontal support at $0.00000463.

SHIB/USDT: Four-hour chart

Alternatively, the Shib buyers need acceptance above the 200-SMA support now resistance for any recovery attempts.

Further up, the bearish 21-SMA cap of $0.00000972 could be challenged.

All in all, the path of least resistance for the Shib price appears to the downside.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

XRP eyes recovery but derivatives market stalls progress

XRP eyes recovery but derivatives market stalls progress

Ripple's XRP is up 2% in the early Asian session on Thursday following rising accumulation among investors and a potential bottom signal in the MVRV Ratio.

More Ripple News
Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

More Ethereum News
Bitcoin and crypto recovers from CPI data as Trump pushes Russia–Ukraine diplomacy

Bitcoin and crypto recovers from CPI data as Trump pushes Russia–Ukraine diplomacy

Bitcoin (BTC) and the crypto market saw slight gains on Wednesday after President Donald Trump's resolution calls with Russian President Vladimir Putin and Ukraine's President Volodymyr Zelenskyy.

More Cryptocurrencies News
Ethereum Price Forecast: ETH eyes $3,000 as Trump and Putin agrees to begin negotiations on ending Ukraine war

Ethereum Price Forecast: ETH eyes $3,000 as Trump and Putin agrees to begin negotiations on ending Ukraine war

Ethereum (ETH) saw a 3% gain on Wednesday following United States (US) President Donald Trump's agreement with Russian President Vladimir Putin to begin negotiations to end the Russian-Ukraine war.

More Ethereum News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP