Here are 3 Reasons Analysts are Bearish on Shiba Inu Price and Bullish on This New Meme Coin – 100x Potential in 2023?
Despite a sensational run for top memecoins like Dogecoin (DOGE) and Pepe (PEPE) in recent weeks, Shiba Inu (SHIB) continues to face a woeful 2023 characterised by bleed-out price action.
Currently trading at a lowly $0.00001018 (a 24 hour change of -0.97%), community hopes that SHIB would be invigorated on the back of exciting news seem to be floundering.
The launch of SHIB's new 'SHIB Burn Portal' today has so far done little to boost price, despite an ambitious offering to reward SHIB holders as part of a 'burn-2-earn' mechanism.
In the first 24 hours of the SHIB Burn Portal operation over 8 billion in SHIB was burned, bringing the total number of SHIB burned since initial supply to 410 Trillion SHIB - almost half the initial supply.
Yet even with this highly anticipated development, SHIB price has continued to tumble with SHIB's MoM performance now a troubling -5% even as alt season takes hold.
With Shiba Inu facing a potentially capitulative crisis before Shibarium can even get off the ground in Q3 2023, here are three reasons that Shiba Inu has a bearish outlook.
Bleak performance on April 19 saw SHIB plummet almost -10% from promising footing at $0.0001180 in a calamitous downturn that saw SHIB fall below support from the 20 and 200 Day Moving Averages.
These moving averages have formed vital support for Shiba Inu's attempted recovery rally throughout April, but now these critical levels risk forming a concrete ceiling of steadfast resistance that could restrict SHIB's upside potential significantly.
Indeed, every day SHIB spends below these moving averages establishes a tougher level of resistance to break - and already at 5 days of unbroken resistance this emerging price ceiling could send SHIB spiralling to the
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