Shiba Inu Unlikely To Reach All-Time High Again: Experts
09 Mai 2023 - 1:35PM
NEWSBTC
The Shiba Inu price is currently in deep bearish territory. After
being rejected at the 200-day EMA in mid-April (blue line) and
breaking the ascending trend line on the 1-day chart to the
downside on April 20 (black line), the SHIB price is now in free
fall. Yesterday, the SHIB price initially received support at
$0.00000839 on the 1-day chart. However, if a trend reversal does
not follow soon, the Shiba Inu price could drop towards the local
low at $0.00000779 from December 28. This would erase all price
advances since the beginning of the year. For now, the RSI on the
daily chart is at 24, in oversold territory. For the return of a
tentative bullish momentum, the SHIB price needs to break the key
resistance at $0.000010. Otherwise, a retest of the December 2022
low seems inevitable. Will Shiba Inu Ever Reach Its All-Time High
Again? Even though the Shiba Inu price is extremely bearish at the
moment, the meme coin still has one of the strongest communities
hoping for better times once Shibarium and SHIB : The Metaverse are
live on the mainnet. However, two well-known crypto experts and
influencers have expressed their doubts today. According to Mason
Versluis, founder of crypto community Gold Squad, and Tony JRNY,
founder of NFT project JRNY Club, the chances of SHIB reaching its
all-time high of $0.00008845 from October 2021 again are slim. At
the current price, that means Shiba Inu would have to rise over
930%. Related Reading: Shiba Inu Price Crash Persists Despite
Trillions Of SHIB Tokens Being Bought Up Versluis wrote on Twitter,
“I am pretty confident $SHIB will never go past all time high again
($0.00008845) What do y’all think?”. Tony replied that there would
have to be “some groundbreaking utility and FOMO” for this to
happen. Versluis agreed and added: Absolutely. I feel this with
Doge too though and that’s scary because I know people bought very
high on that one. It would take some ground breaking utility and
FOMO — JRNY Crypto (@JRNYcrypto) May 8, 2023 It is important to
note that the utility (more than just a meme coin) mentioned by the
two crypto experts is currently being developed with ShibaSwap 2.0,
Shibarium and the Metaverse. Moreover, numerous applications will
perform token burns on Shibarium, thus accelerating the elimination
of the huge circulating amount of SHIB. Related Reading: Study:
Shiba Inu (SHIB) Is More Of A Successful Memecoin Than PEPE and
DOGE However, it is not yet known when the launch of Shibarium and
the Metaverse will take place. Shibarium is likely to be released
later this year, as teased by lead dev Shytoshi Kusama, and could
be the catalyst for a furious upward trend. The price will thus
depend on new (groundbreaking) use cases. Featured image from
iStock, chart from TradingView.com
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024