Shiba Coin price continues to lose weight since the explosive rally on August 14. In fact, the current downtrend has only one purpose. This includes rebalancing the inefficiency created at the end of June. Making this goal a reality is important because it has the potential to be the key to triggering an exponential move for SHIB. If such a move occurs, the Shiba Inu is likely to witness a rally of over 90%. Read on for analysis from crypto analyst Akash Grimath.
“The bearish trend ends for Shiba Coin”
The Shiba Inu price formed a second equal high at $0.0000179 on Aug. 14 after rebounding 42%. Thus, the rally eventually faced extinction. As a result, SHIB entered a downtrend that continues even now. Since August 14, Shiba Coin has lost 46% of its value and is currently trading around $0.0000102. However, SHIB looks set to drop down to fill the Fair Value Gap (FVG).
At this point, investors should expect a small recovery from $0.0000083 to $0.0000093. This recovery price has the potential to rally to $0.0000109. The move is likely to retest the Point of Control (POC) at $0.00000081. This level is the highest trading volume level since May 2021. Interested investors can start their SHIB savings at the above-mentioned levels. A reversal here will depend on market conditions, particularly the Bitcoin rally.
“SHIB price may witness over 90% rally”
If the BTC price rises and triggers a rally for Shiba Coin, investors can expect a massive upswing. Such a bounce would push SHIB price to sweep the even highs formed at $0.0000179. If this happens, the meme coin will increase its total earnings in the rally to 93%. For this reason, it is beneficial for investors to follow the meme token closely. The Shiba Inu currently provides a good risk-reward ratio.
Shiba Coin risks falling below the POC at $000081. If that happens, it will mean a bear-dominated market and reduce the possibility of an upside rally. However, the bullish thesis will be invalidated if there is a drop below $0.0000074. If such a development occurs, meme coin price will risk visiting the $0.0000060 support level.
“Shiba Inu adoption continues to increase”
Although the price of Shiba Coin has fallen recently, the coin continues to have a large following. While the community continues to burn SHIB, they are also enjoying the recently released Shiba Eternity game. The token, whose adoption has increased, came to the fore with a move made by Elon Musk. As we have reported as Kriptokoin.com, Elon Musk has recently released a perfume called “Burnt Hair”. Accordingly, perfume can be purchased with SHIB payment.
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