What happened to Shiba Inu?

In the span of less than three years, the price of this digital asset shot up more than 20,000,000% (yup, you read that right) before peaking and crashing more than 90% from peak to trough. Currently, Shiba Inu is around 88% below its all-time high, as seen in October 2021.

Can Shiba Inu coin price prediction be bullish?

As mentioned in our last update, the most critical resistance on the chart is the $0.00001175 level. Only a reclaim of this level can make the Shiba Inu coin price prediction bullish. As long as the BTC price remains in a downtrend, expecting any recovery in altcoins won’t be logical.

Is Shib price on the verge of a bigger drop?

Consequently, SHIB price is on the verge of a bigger drop. The ongoing BTC slump has added to the selling pressure in altcoins. Most altcoins are trading close to their monthly lows. On Wednesday, BTC and ETH prices rebounded after a major nosedive from their monthly highs.

What does the Shib chart reveal about supply and demand?

The following SHIB chart reveals major levels of supply and demand. The price has respected most of these levels in the past and may continue to do so in the coming days. As mentioned in our last update, the most critical resistance on the chart is the $0.00001175 level.