Shiba Inu (SHIB) looks in trouble with multiple support breaches!
Shiba Inu investors’ highest speculation is their interest in watching SHIB take the mantle of $1. In the last few weeks, Shiba Inu buyers have been booking profits at a phenomenal rate, especially since large volumes of buyers and sellers are getting more active.
Shibarium is the most talked about product from the Shiba Inu blockchain, and as per the 2022 roadmap of Shiba Inu, this protocol should have been released. Since this token hasn’t yet been on track with the market sentiment and previously released roadmap, buyers are mostly hibernating.
Cryptocurrency is now gradually becoming an acceptance mode of payment; even Google has partnered with Coinbase to accept crypto-based payment, which includes Shiba Inu. Such developments will add more value to the decentralized ecosystem for a founder and control-free blockchain environment. Currently, Shiba Inu ranks at the 15th spot with a market cap of $5.5 billion with frequent burning of reward tokens to improve the social stature of Shiba Inu.
Shiba Inu cryptocurrency has been moving in a negative trend, with prices more inclined towards breaching new lows. The last support in the form of $0.00001168 was breached with a strong profit booking that even turned the support into a resistance level that SHIB has failed to retest in the last month. Is there any hope left for Shiba Inu holders? Click here to read our SHIB predictions.
The Shiba Inu price action’s declining stature is a problematic stance since SHIB seems to be on a rampage to destroy all key support levels. A recent breach of $0.00001168 has created more pressure on the stronger support level of $0.00000778, which helped the token bounce from its exhaustive selling zone in May 2022.
The technical indicators only confirm a negative stance as RSI hits a fresh low of 30, with MACD continuing a deeper negative movement. The price action with such historical data cannot be expected to showcase a stronger movement or breakout.
Still, some experts are implying a retracement to the strong support of $0.00000778 could trigger a buying on dips taking Shiba Inu to a higher level. On monthly price action analysis, except for February 2022 and July 2022, all other months have only closed on negative sentiment.