Shiba Inu May Correct Further; Will SHIB Hit $0.000010?

Shiba Inu reached its local support level, which helped a bounce back during January 2022. Currently, we are witnessing a broader negative sentiment on the entire crypto space, which is evident since assets started to breach their 200 and 100 days moving average value. SHIB, since January 2022, has attempted thrice to breach its immediate resistance and turn out as a positive asset for crypto enthusiasts but failed.

Shiba Inu trades at a 50% discounted value on a 1-year timeline. For now, buyers are getting SHIB at a 50% discount, but this discount will turn into their premium if prices increase. Shiba Inu’s immediate resistance level of $0.00002852 is the closest level buyers need to breach to turn this asset into positive crypto.

Shiba Inu’s currently traded value attempts to breach the last local support of $0.00001722. After breaching this level up, a further margin could break the holding sentiment of buyers, and they might book their losses, creating a further downfall for SHIB in the coming days. Read our SHIB prediction to know if the coin will break the immediate resistance or hit its immediate support.SHIB Price Prediction AnalysisThe price trend since its unexpected jump on April 12 made it evident that news is still controlling Shiba Inu prices. This jump presented an exit opportunity for buyers who were trapped in this crypto asset for the past few months. Although there was a brief attempt of SHIB price to close above the 100 DMA curve, profit booking and the overall looming negative sentiment pushed the value much lower.

The result of current trading sentiment would decide the time needed for SHIB to retrace back to decent levels. RSI has also touched the oversold zones, which creates a fragile scenario for this digital asset. Shiba Inu is currently down by 12% today, and without a positive comeback, the prices would continue to fall to induce a negative sentiment.

Looking at the volumetric transactions, traders are witnessing a declining value that showcases that lesser transactions are happening over Shiba Inu’s blockchain. The future price would turn positive only if SHIB manages to move up at least 50% from current levels.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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