The Shiba Inu price (SHIB) has dropped by by 2% in the past 24 hours and currently sits at $0.00001150 after posting losses in 7 out of the 8 last trading sessions.
Rising tensions in the Middle East could be partially responsible for this decline at a point when most of the assets in this category are dropping sharply.
The Federal Reserve is also scheduled to convene today to make a decision on interest rates. Although the consensus opinion is that no changes will be made to the federal funds rate this time, Chairman Jerome Powell’s comments always manage to inject some volatility to asset prices in the near term.
SHIB accumulated losses this year currently stand at 45.6% while other tokens like Pepe (PEPE) and Bonk (BONK) have also booked big drops of 49.8% and 55.4% respectively. The meme coin rally that started in May has not been able to reverse these big setbacks.
One trader has shared his view of what could happen to SHIB if this decline continue and has signaled a strong area of support at $0.00001050 from which the price could bounce.
If this area holds, it would favor a bullish Shiba Inu price prediction with a target of around $0.00002400 that would represent gains of more than 110%.
Shiba Inu Price Prediction: SHIB Would Eye the 200-Day EMA First
Shiba Inu (SHIB) has been on a downtrend ever since its short-term exponential moving averages (EMAs) made a bearish crossover.
The 9-day EMA moved below the 21-day EMA in late May, triggering a sell signal known as a ‘death cross’ that typically anticipates big losses.
The Relative Strength Index (RSI) is on a downtrend as well and is nearing oversold territory already, meaning that the trend is strong.
At this point, the price action seems to be determined to tag that $0.00001050 support in the next few days. A first bounce could push SHIB to retest its short-term EMAs first.
A bullish breakout above that target would confirm this bullish Shiba Inu price prediction. Next up, the 200-day EMA would be the first target to watch.
Even though meme coins have been experiencing a wave of negative momentum lately, the best crypto presales like Solaxy (SOLX) could still deliver significant gains after they are launched and listed on exchanges.
Solaxy (SOLX) Releases Launch Schedule With Only 5 Days Left for the End of Its Presale
Solaxy (SOLX) is a layer-2 scaling protocol for the Solana blockchain that eliminates the congestion issues that have affected this network in the past.
The project achieves this by bundling transactions offline in a side chain to alleviate the mainnet’s burden during peak usage periods.
The developing team has just released a launch schedule for Solaxy that sets a date for the L2 mainnet’s release on July 7.
Once the Solaxy L2 becomes widely adopted by top exchanges and wallets, the demand for its utility token, $SOLX, will likely explode. In addition, the project currently offers attractive staking rewards 78%.
To buy $SOLX at its discounted price before the token launches, head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap USDT or SOL for this token or use a bank card to invest.
The post Shiba Inu Price Prediction: TradingView Analyst Reveals Crucial Support That Could Trigger a Major Move appeared first on Cryptonews.
Credit: Source link