The Shiba Inu price (SHIB) has dropped nearly 6% in the past 24 hours, as the broader crypto market undergoes a sharp correction after several days of strong gains.
One key technical signal now supports a bearish Shiba Inu price prediction, with downside momentum picking up speed.
Smaller-cap tokens like Pudgy Penguins (PENGU) and SPX6900 (SPX) have taken even bigger hits, falling by 10.3% and 14.3% respectively.
Still, despite the pullback, many expect SHIB to resume its uptrend once the current wave of selling pressure subsides, potentially setting the stage for new higher highs.
CryptoELITES, a pseudonymous crypto trader on X whose account is followed by more than 250,000 users, shared a bullish Shiba Inu price prediction of $0.00023 per token that would result in a 17x gain.
A confirmed buy signal for such an optimistic forecast would come if SHIB breaks above its weekly symmetrical triangle.
Meanwhile, other more conservative analysts like Joe Swanson, also a popular crypto trader on X, see SHIB rising by 36% within the next few days as the token has formed a cup and handle pattern in the daily chart.
Shiba Inu Price Prediction: Key Levels to Watch as Negative Momentum Accelerates
The daily chart does show a potentially bullish setup as SHIB has touched a key horizontal support at $0.00001200 that could cushion the latest decline.
The price has been dropping for 5 days in a row now and this has pushed the Relative Strength Index (RSI) below the mid-line (a sign that negative momentum is accelerating) while the 9-day exponential moving average (EMA) has crossed below the 21-day EMA.
A bounce off this level could confirm that Shiba Inu is ready to resume its uptrend after a much-needed breather. Meanwhile, if the price drops below that area, we could see the token experiencing a much more pronounced downturn and hitting $0.00001050 next.
Crypto’s positive momentum from a macro perspective following the approval of the Genius Act in the United States should create the ideal environment for a big push to higher highs after this pullback.
Hence, the odds of a breakdown are rather low at this point, even though no one can tell where this correction will stop.
Well-established meme coins like SHIB have underperformed most other tokens lately. Analysts agree that the highest upside potential in this cycle could come from the best crypto presales like Token6900 (T6900).
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The post Shiba Inu Price Prediction: RSI Flashes Red After 16% Slide – Could SHIB Be Headed for a Breakdown? appeared first on Cryptonews.
