Shiba Inu Price Prediction: A 15% Drop When Hitting Important Support Level – Is It Time to Panic or Accumulate?

Shiba Inu has fallen in the last 24 hours, although most other meme coins have seen a slight bounce back. This cryptocurrency has lost 15% in 7 days due to rising tensions in the Middle East contributing to the decline in the overall value of the cryptocurrency market. Other tokens like Dogecoin (DOGE) and Pepe (PEPE) have performed much better over the past day with an increase of 1.5% and 4.6%, respectively.

Shiba Inu (SHIB) is approaching an important support level at $0.0001050, a level that could determine the trajectory of this token in the coming days. This project has one of the strongest communities in the cryptocurrency space and is home to a developing decentralized application ecosystem (dApp), where investors can stake SHIB, play blockchain-based games, and trade other meme coins. If SHIB bounces back from the important support level at $0.00001050, will this support the forecast for Shiba Inu's price to rise? Shiba Inu Price Prediction: Negative Momentum Still Maintained but May Have Reached an Extreme Level When looking at the daily chart of Shiba Inu, we can see that the downward momentum has accelerated in the past few days as the price of this token has fallen in 7 out of the last 9 trading sessions.

An interesting indicator supporting the prediction of Shiba Inu price fall is BBTrend. This index measures how Bollinger Bands have recently expanded and contracted to gauge the strength of the current price trend.

As seen on the chart, this indicator has created increasingly higher red negative bars, indicating a growing bearish momentum as SHIB approaches the important support level at $0.00001050. Although this indicates a bearish outlook, it could also mean that sellers have gone too far and it may predict that the downtrend will end when it reaches this relevant level. Therefore, if SHIB touches and bounces back from this level, sellers may not have enough ammunition to continue pushing the price lower. This supports the prediction of a price increase for Shiba Inu, favoring the 'mean reversal' move. This means that SHIB could rise to around $0.00001500 – an important level where the 200-day exponential moving average is currently located.