Shiba Inu Price Prediction – SHIB at the lower end of the current range is a buy signal for traders

Investors appear to have retreated to the sidelines as cryptocurrencies have remained in the hands of bears across the board. The second most popular meme coin, Shiba Inu, has fallen to $0.00001235 from its recent high of $0.00001590 in 2023 as regulatory pressure eases. However, SHIB’s near-term outlook shows the possibility of a trend reversal in the coming days, especially if the support at $0.000012 remains firm.

Assessing the likelihood of a Shiba Inu price recovery

Rampant overhead pressure in the crypto market downplayed SHIB’s listing on BinanceUS on Feb. 24. BinanceUS is a subsidiary of Binance.com, the largest crypto exchange in the world by daily trading volume.

Investors can now buy and sell the second largest meme coin featuring the SHIB/USD pair on the platform dedicated to serving US clients. Investors expecting a positive reaction to this exposure were disappointed to see Shiba Inu price extend the leg downstream.

At the time of writing, the Shiba Inu price has lost 8.1% cumulatively for seven days, including a 2.5% plunge in the last 24 hours. Live price data from CoinMarketCap is tearing the bandage off, showing a 10.21% drop in 24-hour trading volume to $192 million.

An accumulating negative change in volume refers to high volume that is undesirably affecting the asset. It suggests that fund outflows are overwhelming inflows and are taking momentum from Shiba Inu price to reverse the uptrend.

SHIB/USD monthly rate chart

Will Shiba Inu Price Recover?

Shiba Inu price is holding above the critical support provided by the lower ascending trend line as shown on the daily chart. Slightly below this level is the 50-day Exponential Moving Average (EMA) (red line). Additionally, the downside of SHIB is protected by what appears to be an immense seller congestion zone in the lower yellow band.

SHIB/USD daily chart

The stochastic oscillator’s position – near the oversold territory coupled with the solid support above – suggests that Shiba Inu price is on the verge of exhausting the pullback. Therefore, investors should be ready to buy and line their pockets as soon as SHIB starts its recovery with a green candle, possibly above $0.000012.

If push comes to shove and the declines intensify, the 100-day EMA (blue line), currently held at $0.00001138, would come in handy to absorb any remaining selling pressure ahead of a rally .

An extension of the leg to $0.00001 would be a bit overwhelming for SHIB, but if it does, the bulls will use the momentum to buy lower price levels, building momentum for a major reversal.

IntoTheBlock (ITB) IOMAP reinforces buyer overload at $0.000011 as indicated by the largest green circle in the chart below. Note that approximately 18.58k addresses previously bought 75.15 trillion SHIB in this range. In other words, investors in the cohort are making profits and would not be willing to sell, but support the resumption of the Shiba Inu uptrend.

Shiba Inu IOMAP model

On the plus side, the lack of a robust coverage area suggests a recovery is likely to begin soon. With a little nudge, Shiba Inu price would move quickly to mark the resistance at $0.000014 as seen on the daily chart. A break and a hold above this level are needed to open the way to $0.000018 and $0.00002 in the coming days – maybe weeks.

Buy Shiba Inu now.

Shiba Inu Alternatives to Buy Today

If you’re looking for other high-potential crypto projects besides SHIB, we’ve reviewed the top 15 cryptocurrencies for 2023 as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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