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SHIB market analysis – A deep dive into price and development dynamics

SHIB market analysis – A deep dive into price and development dynamics

Much like the majority of assets in the cryptocurrency market that are feeling the pressure stemming from the recent geopolitical developments, Shiba Inu (SHIB) is currently in a largely bearish mode, although the bears seem to be showing signs of exhaustion.

As it happens, SHIB is currently changing hands at the price of $0.0000068794, recording a decline of 0.78% in the last 24 hours, as well as losing 5.28% to its value over the previous seven days, adding up to the 4.8% drop across the past month, as the most recent charts indicate.

Shiba Inu 7-day price chart. Source: Finbold

SHIB price action analysis

Specifically, Shiba Inu has formed a falling wedge pattern on its daily chart, simultaneously teasing a downtrend continuation below $0.00000651 following a sharp bearish reversal from August while signaling a chance at a bullish revival if it manages to bounce back from the critical support baseline.

Currently, Shiba Inu is trading well below its 50-day simple moving average (SMA) of $0.000007566 and the 200-day SMA of $0.000008621. However, its relative strength index (RSI) on a 14-day time frame presently stands at 34.09, signaling a neutral condition for Shiba Inu.

Furthermore, the SHIB sentiment on 1-week technical analysis (TA) gauges over at finance and crypto analytics platform TradingView suggests a ‘strong sell’ at 14, as moving averages (MA) indicate a ‘strong sell’ at 12, and oscillators stand in the ‘sell’ zone at 12.

SHIB 1-week sentiment gauges. Source: TradingView

SHIB price prediction

Meanwhile, artificial intelligence (AI) algorithms over at the cryptocurrency platform CoinCodex have predicted that the price of Shiba Inu would continue to decline in the following days, hitting $0.00000642 on October 16, whereas crypto platform PricePredictions has set it at $0.000006716 by October 18.

The latter also sees SHIB at $0.000006421 on November 11. On the other hand, CoinCodex’s longer-term models suggest an increase – to $0.000007618 on November 10 and $0.000007961 by January 1, 2024, slightly higher than the $0.000007629 that was previously reported by Finbold on October 10.

All things considered, SHIB might, indeed, improve its price if there are positive developments around its network in the future, as hinted by Shiba Inu’s team leader, Shytoshi Kusama, who has recently shared details of the careful approach to Shibarium validator integration and increase in staking rewards, as well as suggesting the future boost of the SHIB burning mechanism.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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