• Shiba Inu (SHIB) is down 90% from its 2021 all-time highs, and is currently consolidating within the $0.000007-8 ranges.
• The crypto token has failed to recover despite the recovery of other major cryptocurrencies like bitcoin and ether this year.
• Investors should consider that SHIB is still down over 90% from its record peaks when contemplating whether now is a good time to start accumulating.
Shiba Inu Price Prediction
Shiba Inu (SHIB), the ERC-20 meme coin token that powers the Shiba Inu web3 ecosystem, was last trading around $0.0000075, down more than 90% from its 2021 all-time highs in the $0.000088 area. For now, the crypto token is consolidating within recent $0.000007-8 ranges and is just below its 21 and 50-Day Moving Averages (DMAs).
Price Decline in June
Shiba Inu saw a steep price decline in June, falling from around $0.0000086 to more than two-year lows under $0.000006 amid FUD created by the US Securities and Exchange Commission (SEC)’s lawsuits against Coinbase and Binance . In the lawsuits, the agency named a number of blue-chip cryptocurrencies as securities, though didn’t name Shiba Inu . SHIB has been able to recover an impressive 25% from these lows. But on the year, the crypto token is still trading around 7% lower, versus year-to-date gains of around 84% and 56% for bitcoin ( BTC ) and ether ( ETH ).
Price Prediction – Where Next for Shiba Inu?
Indeed, with SHIB still in a clear downtrend from its all-time highs, price predictions remain pessimistic at least in the short to medium term. If SHIB was able to break above its 21 and 50DMAs in this range it could potentially face significant resistance as it retests support turned into resistance at $0.0000084 which roughly coincides with downtrend from all time high & 100 DMA respectively. On contraty if SHIB breaks above this key resistance zone then it could be set up for swift rally back testing yearly highs near 0x000016 but on way back there are formidable resistances like 200DMA near 0x00001 & april’s high near 0x000012 .
Lagging Behind Blue Chip Crypto Market Recovery
Despite recovery of other major cryptos like Bitcoin & Ether , shiba inu has failed to see substantial pick up & investors getting into market right now would still be buying dips with shib being down more than 90 % from record peaks . This failure to recover can also be viewed as sign that investors are moving away form SHIB towards other cryptos which makes it difficult for shibb to make a comeback anytime soon .