Shiba Inu has experienced a decrease in value of 40% over the past 40 days, along with a 30% decline in its overall gain over the last 30 days. Despite this, an analyst predicts a potential rebound that could drive the price above $0.000081 and possibly up to $0.0001553.
During the early trading hours on Friday, June 21, Shiba Inu (SHIB) faced a significant drop, plummeting by 4% in just 24 hours to reach $0.0000179. This extended its weekly decline to 16% and its monthly downturn to 30%. The broader market, as reported by Crypto News Flash, broke a 3-day losing streak on June 19, with major assets like Bitcoin (BTC) and Ethereum (ETH) showing a slight recovery. However, meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) experienced substantial losses below crucial support levels.
Comparing the current market conditions to the price action on June 1, it is evident that bears have dominated the market. Starting the month at $0.000028, Shiba Inu hit a low of $0.000017 after facing intense bearish pressure for three weeks, resulting in a 40% loss within 20 days.
Analysts attribute the ongoing market decline to investors shifting funds out of the meme market. Nevertheless, traders are seen accumulating the asset at discounted prices, making a continuation of the bearish trend less likely. The market has consolidated by 40% over the past 40 days, presenting an opportune moment to enter the market at the current rate.
Analyzing Shiba Inu’s price with IntoTheBlock’s data reveals that bulls have placed orders to buy 5.2 trillion SHIB at an average price of $0.00018, amounting to approximately $77 million. Traders appear reluctant to exit their positions as the price hovers around 3-month lows. Additionally, the supply of Shiba Inu on exchanges falls short of market demand, with only 4.5 trillion SHIB sell-orders listed across 20 exchanges, creating an excess demand for 700 billion SHIB. This imbalance puts upward pressure on the price.
Forecasts suggest that Shiba Inu could reach $0.000020 as the correction phase paves the way for a potential price surge. Analysts anticipate a break above the $0.000081 resistance level, with a target price of $0.0001553. The price of SHIB remains over 100% higher since breaking out of a resistance trend, indicating a potential bullish run.
Supported by a chart analysis, the analyst highlights Shiba Inu’s positive momentum since its initial breakout, suggesting that pullbacks may strengthen the price further towards the $0.000081 target.