Shiba Inu Breaks Downtrend Line – Is A Trend Reversal Imminent?

Profile picture
NewsBTC
19w ago2022-07-31

Shiba Inu (SHIB) along with another meme coin Dogecoin (DOGE) have had the worst crashes. However, SHIB is singing a different tune as it turns green after suffering a bearish downturn for a long time.

Unlike DOGE, the crypto community is very optimistic about the future of Shiba Inu’s price.

Shiba Inu is a popular dog meme coin that is said to rival Dogecoin. SHIB is a high-performer in the crypto space but also suffered a catastrophic drop like the rest of the crypto market.

However, in October, SHIB was able to bounce back by more than 100% and reached an ATH of $0.00008616.

Shiba Inu was built on Ethereum while DOGE had its own blockchain. SHIB went viral as it was treated like a joke on social media, especially on Twitter.

Basically, Shiba Inu initially was able to ride on with DOGE’s success as many people jumped in and bought SHIB to rake in from the positive market sentiments.

Crypto Community Predicts 101% Spike For SHIB

The CoinMarketCap community forecasted that SHIB will trade by $0.00002065 at the end of July this year. The crypto community, composed of around 16,403 members has predicted Shiba Inu’s price to spike by 101.30% or 0.00001039 from its current price.

As of this writing, the community members have voted and forecasted the SHIB price for August to glide to $0.00001761.  

Since January of 2022, SHIB has been on a steady decline seen mostly in May but the good news is that it generated short-term winning streaks as of press time.

The dog meme coin has dropped massively by 60.82% from $0.000034 seen on January 1 to now at $0.00001026.  As per CoinMarketCap data, the total market capitalization of SHIB stands at $5.62 billion.

The crypto market has crashed extremely hard but SHIB has suffered a more aggressive type of crash. Most cryptocurrencies have dropped by 75% in the previous months but SHIB lost as much as 90% in total value.

SHIB Outpaces DOGE, Breaches Downtrend Line

However, when it performed a bullish movement in October, SHIB was able to outpace DOGE in the top 10 crypto list. SHIB now has a loyal and raving community bringing in more investors.

SHIB downtrend was seen last year in November and prices dropped massively to as low as $0.0000077.

SHIB was able to breach the downtrend line which hints at a trend reversal and indicates robust validations especially with the crypto market flashing the green light. SHIB’s technical indicators show that there is a coming uptrend.

If SHIB can successfully breach the $0.000013 price barrier, it can offshoot to the next target at $0.000020.

  SHIB total market cap at $6.6 billion on the daily chart | Source: TradingView.com    Featured image from Cointribune, chart from TradingView.com