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- Shiba Inu’s price declined by 12.5% over the past week, confirming a downtrend in the meme coin.
- SHIB plummeted below the 50-day EMA at $0.00001138 and the 21-day EMA at $0.000011.
- If Shiba Inu breaks past $0.00001319, it could invalidate the downtrend and signal a reversal in the meme coin.
Shiba Inu’s price started its decline, suffering a 12.5% drop over the past week. The outlook on Shiba Inu turned bearish, and further descent is likely. The meme coin has undone the demand zone between $0.0000106 to $0.0000111.
Sellers took charge of Shiba Inu, sending the meme coin lower after a fakeout of the continuation pattern. The bullish pennant was a fakeout that effectively helped sellers take charge, and Shiba Inu breached significant levels, only to result in a downtrend.
Shiba Inu recently witnessed several bullish updates in utility growth and ecosystem development. Businesses that employ Shiba Inu provide holders the option of receiving payment in SHIB through the NowPayments gateway — Mass Payments tool.
This makes it easier for salaries to be paid in Shiba Inu, boosting the meme coin’s adoption and utility. Similarly, the partnership announcement with The Third Floor for the Shib metaverse was considered a bullish development.
Despite the bullish news, the sentiment among traders is largely bearish ahead of Wednesday’s FOMC meeting and the anticipation of a 75 bps rate hike. Cryptocurrencies in the top 10 like Bitcoin, Ethereum, and Cardano are struggling to recoup their losses, and Shiba Inu is in line to make a comeback.
The meme coin’s decline below the 50-day EMA at $0.00001138 and the 21-day EMA is considered a bearish indicator. There is a likelihood of an extended downtrend in Shiba Inu’s price chart. However, for traders expecting a trend reversal, a climb above $0.00001319 is key.
SHIB-USDT price chart (Source: TradingView)
$0.00001319 is a significant level for Shiba Inu’s price trend, and crossing this barrier could invalidate the bearish outlook. It will be considered a sign of a bullish trend reversal in Shiba Inu.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
