The price of SHIB surged to a new all-time high in October of 2021. However, from that point on, eve rything for SHIB holders got worse because of the poor macroeconomic environment and the instability in the cryptocurrency market. With its prices falling by more than 70% in 2022 due to high-interest rates and other factors, SHIB has had a terrible year.Again in 2023 Why Shiba Inu Price Continues To Decline beacuse of ,the intense selling pressure of the $0.0000096 mark is evident by the long wick doji candle. This candle of uncertainty after a recovery rally indicates the bullish momentum has exhausted. As a result, the Shiba inu coin is poised for a temporary pullback which could offer discount opportunities to interested traders.
How Shiba Inu Work?
Most meme currencies offer no utility whatsoever. Shiba inu, however, has a community-driven rescue campaign for Shiba Inu dogs and an ecosystem of products and services, including a decentralized exchange named ShibaSwap. The peer-to-peer trading platform lets users trade SHIB to and from other cryptocurrencies. Users can also provide liquidity and stake the ecosystem’s three tokens (deposit them into a smart contract to earn interest.
The BONE token is a governance token with a total supply of 250 million. BONE holders can propose and vote on changes to the Shiba protocol through the Doggy DAO, which stands for decentralized autonomous organization and refers to an organization managed by computer-based rules instead of a single controlling member. In addition, BONE is used to reward liquidity providers on ShibaSwap’s platform.
LEASH, or “Doge Killer”, was originally a rebase token pegged to dogecoin, where its supply was automatically adjusted by the protocol to keep its price in line with doge at a ratio of 1:1000. That is no longer the case today as the rebasing algorithm was removed, meaning LEASH now acts as a store of value coin in the Shiba ecosystem with a limited supply of just 107,647 coins.
The ShibaSwap decentralized exchange offers several functions, including:
Providing a liquidity pool (Dig)
Cashing out liquidity pool tokens and redeeming BONE rewards (Woof)
Staking SHIB, LEASH and BONE or one or two of the tokens to receive BONE tokens (Bury)
Swapping between multiple assets (Swap)
Analytics dashboard to track interest rates and yield returns (Bonefolio)
Shiboshi NFTs: 10,000 unique pixelated images of cartoon Shiba Inu non-fungible tokens.
- A daily candle closing above $0.00000961 may drive the coin price 8.8% higher to rechallenge $0.0000104 barrier
- The intraday trading volume of the Shiba Inu coin is $302 Million, indicating a 20% loss.
- The potential bullish crossover between the 20-and-50-day EMA may bring additional buying orders in market.
Amid the recent recovery in crypto, the Shiba Inu coin rebounded from the 2022 bottom support of $0.00000788. This bullish reversal led by a rounding bottom pattern, offered a steady bullish recovery over the past two weeks. The U-shaped recovery accounted for 22.8% growth and surged the SHIB price to its current level of $0.00000968. Earlier today while the overall market was still under bullish sentiment this memecoin tried to breach the $0.00000961 neckline resistance of the rounding bottom pattern.
However, by the press time, the daily candle shows a long wick rejection, indicating the overhead selling pressure is intense. This bearish momentum may rise if the temporary long traders started booking profits.
Thus, a minor pullback in Shiba Inu coin may tumble the price by 9% to revisit the $0.0000088 support. If the overall bullish sentiment persists in the market, the prices are likely to rebound from this support and resume the price rally.
Thus, the traders enter at this pullback opportunity, to grab a potential rally with higher change to surpass $0.00000961 .
MACD: the increasing gap between the MACD and signal indicates the growth in underlying bullishness and higher possibility of price recovery.
Intraday levels Of Shib coin price
- Spot price: $0.44
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.553 and $0.6
- Support level- $0.428 and $0.382k
Shiba Inu(SHIB) price faces Downfall
At the time of writing, Shiba Inu(SHIB) is changing hands at $0.00001097, down 7% on a 24-hour adjusted timeframe. The meme coin created a Doji candlestick on the 4-hour chart, signaling indecision among market participants. A bearish breakout of the Doji pattern could result in a sell-off to $0.0000092 support.
Alternatively, a move above $0.0000120 would invalidate the bearish setup and could lead to an upsurge toward $0.0000131 resistance.
Shiba Inu(SHIB) price is facing a brutal rejection at the $0.00001320 resistance level after multiple attempts. A continuation of this downtrend could knock SHIB to a key level at $0.0000092 unless the meme coin can flip $0.0000120 into a support floor.
The crypto market is seeing a bit of a dip today, with Bitcoin, Ethereum, Dogecoin, and Shiba Inu all experiencing price decreases. The reasons for these dips are not entirely clear, but they come at a time when the overall crypto market is seeing a bit of a pullback.