Shiba Inu (SHIB) price is too far from the key $0.00001708 key level to make a strong comeback for now. FXStreet analyst Filip predicts that we could see a correction back to $0.000000507 for Shiba.
Why is a 60% drop in SHIB price inevitable?
SHIB price still holds $0.0000000 support and is able to support price action to consolidate above for now. But geopolitical issues and risk factors continue to grow, creating more snags. With this uncertainty and the sometimes unpredictable price movements in SHIB, investors began to lose their confidence. For the analyst, this motivation could trigger another test at the psychological level of at least $0.000010000. Should this level break again, traders will get tired of carrying losses and SHIB price will suggest a more than 50% drop in free fall to $0.00000507.
An element that can cool down the decline may be a time when risks leave the market. Such a scenario will be reinforced by some pigeon commentary from the FED or BOE, or with Ukrainian news feeds further fading into the background as the situation on the ground stabilizes. If the wind starts to blow from behind again, analyst Filip expects a quick turnaround with SHIB price returning to $0.00001500. On the other hand, the bulls could press the red descending trendline to create a breakout from the descending trendline and could touch the upward price cap at $0.00001708 before attempting to rise to $0.000002100 and testing the 55-day SMA. Apart from that, there have been several interesting developments this week that could change the course for SHIB.
Shiba Inu will be accepted in 65 different countries
As we have mentioned in the news of Kriptokoin.com, thousands of restaurants in more than 65 countries now accept Shiba Inu. Lavu, a worldwide provider of restaurant software and payment solutions, and Verifone, a payment solutions provider, announced a new cross-delivery agreement that will integrate Lavu’s restaurant software suite with Verifone’s payment solutions, benefiting both Lavu and Verifone customers.
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