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Shiba Inu Price Forecast: TradingView Analyst Identifies Key Support Level That May Initiate Significant Movement
The price of Shiba Inu (SHIB) has decreased by 2% over the last 24 hours, currently standing at $0.00001150 after experiencing losses in 7 of the last 8 trading sessions.
Escalating tensions in the Middle East may be a contributing factor to this downturn, coinciding with a period when many assets in this sector are experiencing significant declines.
The Federal Reserve is also set to meet today to decide on interest rates. While the prevailing expectation is that the federal funds rate will remain unchanged this time, Chairman Jerome Powell’s remarks often introduce volatility to asset prices in the short term.
SHIB has accumulated losses of 45.6% this year, while other cryptocurrencies such as Pepe (PEPE) and Bonk (BONK) have also recorded substantial declines of 49.8% and 55.4%, respectively. The meme coin rally that began in May has not succeeded in reversing these considerable losses.
One trader has expressed his perspective on the potential future of SHIB if this downward trend persists, indicating a significant support level at $0.00001050 from which the price could rebound.
If this support level holds, it would support a bullish price forecast for Shiba Inu, targeting approximately $0.00002400, which would signify gains exceeding 110%.
Shiba Inu Price Prediction: SHIB Would Eye the 200-Day EMA First
Shiba Inu (SHIB) has been in a downward trend since its short-term exponential moving averages (EMAs) executed a bearish crossover.
The 9-day EMA fell below the 21-day EMA in late May, triggering a sell signal referred to as a ‘death cross’ that typically forecasts significant losses.
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The Relative Strength Index (RSI) is also trending downward and is approaching oversold territory, indicating a strong trend.
At this juncture, the price action appears determined to reach the $0.00001050 support level in the coming days. An initial rebound could lead SHIB to retest its short-term EMAs first.
A bullish breakout above this target would validate this optimistic Shiba Inu price forecast. Following that, the 200-day EMA would be the primary target to monitor.
Despite the recent wave of negative momentum affecting meme coins, promising crypto presales like Solaxy (SOLX) could still yield substantial gains once 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 solution for the Solana blockchain that addresses the congestion issues that have previously impacted this network.
The project accomplishes this by bundling transactions offline in a side chain to reduce the load on the mainnet during peak usage times.
The development team has recently unveiled a launch schedule for Solaxy, announcing the release date for the L2 mainnet as July 7.
Once the Solaxy L2 gains widespread adoption by leading exchanges and wallets, the demand for its utility token, $SOLX, is expected to surge. Additionally, the project currently provides attractive staking rewards of 78%.
To purchase $SOLX at its discounted rate before the token launches, visit the Solaxy website and connect your wallet (e.g., Best Wallet). You can either swap USDT or SOL for this token or utilize a bank card for investment.
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