New Delhi: After suffering a 22% drop from its upswing on August 17 Shina Inu is attempting to rebound. As of now, Shiba Inu is trading at $0.0000076 which is more than 20% below the highest point this week.
Shiba Inu recently rebounded after dropping to the lowest level in July and since then it has risen by more than 35% from its ATL. This rebound was a result of an overall bullish run in the crypto market. Other altcoins also showed an upward trend as the total market capitalization of all crypto coins jumped to more than $2 trillion.
Shiba Inu market situation
The meme-based coin offered a confused approach with its recent technical patterns and went down following a break below the key support level. The coin presented a symmetrical triangle pattern on the 4-hour chart which depicts nothing but confusion for the investors.
On August 24, Shiba Inu went below the base of the supported pattern taking it down by 12% and on the same day, SHIB’s price went below the 100 four-hour Simple Moving Average. Coinciding with the 61.8% Fibonacci retracement level the narrative gives the coins a downside target at $0.00000714.
At this time, Shiba Inu has a total market capitalization of more than $2.99 billion which makes it the 44th biggest cryptocurrency in the world. At the time of its peak SHIB was among the top 15 biggest coins in the world with a value of more than $10 billion.
Price prediction
If the bulls tried to reverse the underperformance then the coin must have climbed and stayed above the 50% Fibonacci retracement level.
As per experts, things are not looking good for the SHIB as it has formed a head and shoulders pattern. The head and shoulders pattern is usually a bearish pattern and at this time SHIB has also moved below the 25-day and 50-day EMA.
The coin may keep falling as bears target the key support at $0.0000058 which is exactly 23% below the highest point this week
