The focus of the Shiba Inu (SHIB) community has been to push the price to $1. However, the meme token lacks the bullish momentum that caused the recent bearish reversal. Here are analysts’ price predictions in the short- and long-term lenses.
Shiba Inu price needs more power
The SHIB price tumbled 11% after inflation data from the US on October 13. It later reached above $0.0000092 from the low area of $0.0000083. He had the opportunity to recoup his losses due to the high volatility of the day. It is currently trying to protect $0.000010 as support.
FXStreet analyst Akash Girimath says if Bitcoin price fails to stabilize, we will likely see lower levels for SHIB. One of the key levels to watch is the lower limit of $0.0000083, the highest volume point. Retesting one of these levels will be a good place to accumulate.
However, if market conditions improve, we can expect a reversal in Shiba Inu price. From the market makers’ perspective, local tops of $0.0000179 would be ideal for selling. This move represents a roughly 119% rise in earnings. According to the analyst, Shiba’s upward moves are largely limited from now on.
On the other hand, if Shiba Inu price produces a daily candlestick below the volume peak at $0.0000081, it will invalidate the bullish argument. In such a case, the SHIB price could drop further. Analyst Girimath says we can watch the $0.0000074 test this time.
What technical indicators say about SHIB
Similar to Girimath’s forecasts, technical indicators show a bleak outlook for SHIB. His daily technical summary is in line with strong selling sentiment at 17 and neutrality standing at nine. A breakdown of technical analysis shows that oscillators suggest selling the SHIB at three, with eight expressing neutrality. On the moving averages, the techniques point to a strong sell at 14, while only one shows neutrality.
At the same time, SHIB is trading below the 100-day and 200-day moving averages. This highlights the possibility of increasing selling pressure soon. Based on these indicators, analyst Paul L. says the bears will gain the upper hand as sales intensify and potentially break the downside support level.
Will the Shiba Inu (SHIB) hit $1?
As Kriptokoin.com, we have mathematically conveyed how Shiba will do this. In this line, crypto analyst Lark Davis showed how SHIB could imitate Dogecoin and possibly reach $1 in 15 years.
$shib pic.twitter.com/kKFKSx3J1T
— Lark Davis (@TheCryptoLark) September 13, 2022
However, given the continued network development and the possibility of the crypto industry surviving a bear market, SHIB still holds its explosive potential, according to Davis.
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