Shiba Inu Price Forecast: SHIB Could Fall Another 6% To $0.00002813

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The price of Shina Inu has dropped 8.95 percent in the last 24 hours, trading at $0.000030. The market capitalization of the Shiba Inu has dropped 9.16 percent to $16.370 billion due to the crypto market slaughter on Wednesday. Climbed daily trade volume in the SHIB price correction has increased by a staggering 118 percent in the last 24 hours to $1,411,986,223 as per CoinMarketCap.

SHIB is poised to fall much more if bulls fail to recapture the $0.00003026 support level if the current market slump continues.

Shiba Inu Price Adjustment Goals $0.00002813

On the 12-hour graph, Shiba Inu (SHIB) has created a descending parallel channel. SHIB produced a big bearish chart as a succession of lower highs, and lower lows occurred.

The price of the Shiba Inu has made multiple unsuccessful efforts to cut through the top barrier of the descending channel. The SHIB Army aimed to rectify the poor performance for the first time on December 28. The other attempts were made between January 2 and today throughout all 12-hour trading periods.

Nevertheless, as SHIB continues to fall below the center border of the ruling chart pattern, selling pressure has increased.

SHIB might fall to the December 20 low of $0.00002893 if it fails to retake the support as mentioned above at $0.00003026. After that, Shiba Inu’s price might decline much further to hit the ruling chart pattern’s aim of $0.00002813, encompassed by the channel’s bottom limit. This is a 6.15 percent decrease from the current pricing.

Chart of SHIB/USD for the Last 12 Hours

The negative view for SHIB has been bolstered by the Movign Average Convergence Divergence (MACD) indicator’s downward trend, indicating that the present market momentum for Shiba Inu is bearish. Furthermore, the MACD’s position below the zero line supports the bearish story.

Also, when the 12-period exponential moving average (EMA) crossed below the 26-day SMA on the 12-hour chart on December 28 and yesterday on the daily chart, the MACD gave a call to sell SHIB signal. This indicates a negative market attitude for SHIB and the whole crypto and financial markets.

Furthermore, the RSI’s entrance into the oversold zone indicates that the bears completely control the Shiba Inu price.

If the SHIB Army reorganizes and commits to reversing the drop, the meme currency might climb to $0.00003108, the December 21 low. After that, SHIB might retest the $0.00003262 resistance level if it continues to advance. Beyond this point, the next obvious move would be to the upper border of the current chart pattern at $0.00003236.

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