Shiba Inu Price Prediction as SHIB Bounces 6% From Recent Bottom – Sell-Off Over?
With the Shiba Inu (SHIB) Price having bounced 6% to $0.00002750 from its recent bottom around $0.00002550, traders are wondering whether the recent sell-off might now be over.
Despite its bounce, the Shiba Inu price remains around 17% lower versus last week’s highs near $0.000033.
Macro headwinds have been weighing on market sentiment this week. Other major cryptos like Bitcoin have been pulling lower as traders reduce bets on Fed interest rate cuts.
That’s in wake of largely stronger-than-expect US economic data released this week.
This has dampened sentiment in the meme coin market, with the Shiba Inu price down over 40% from yearly highs.
Shiba Inu bulls are unlikely to be losing hope, however. SHIB’s market cap remains around $16.3 billion, with the token up nearly 3x since mid-February.
The bulls will be hoping that bullish themes like spot Bitcoin ETF inflows and the upcoming Bitcoin halving can breathe a new wave of excitement into the meme coin space.
Chart analysis can help shed some light on where the Shiba Inu price might be headed next.
SHIB has recently fallen below its 21DMA, as well as a pennant structure in play since early March.
That suggests an elevated risk of technical selling in the coming days. A retest of support in the form of the mid-March lows and 50DMA around $0.000023 is likely.
Eventually, SHIB might even fall as low as support-turned-resistance in the $0.0000017-18 area.
But with the crypto market in the midst of a bullish phase, long-term price risks remain tilted to the upside.
Its impossible to predict when the next explosive move higher will come. But traders would be wise to bet that the next parabolic move will be one to the upside, not downside.
A retest of 2021 record highs near $0.00009
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