Will Shiba Inu’s New Found Support Help Push Price Up?

Shiba Inu, the famous meme coin, has dropped by over 87% after its ATH of $0.000086 on October 28th, 2021. The token’s trading price has been dropping in the last few months as the crypto market dwindles.

Shiba Inu’s Price Falling In The Past Five Months

Shiba Inu, a famous meme token like Dogecoin, rose to prominence in 2021. The token was among the fastest digital currencies last year. 

In 2021, the token’s price increased by over 46,000,000%. This brought several investors into the SHIB community.

SHI/USD Price Chart. Source: TradingView 

The token had a great year in 2021, making most SHIB holders very rich. However, 2022 has been a nightmare for the token that is yet to find its footing. Many experts argue that the token is currently fading out. 

As per data from CoinGecko, the currency is trading at $0.00001117 by press time. It has fallen by over 87% from its highest price last October. 

Hoover, due to the bearish behavior of the token, its support zone at $0.00001118 has become its new resistance point. As a result, it is unlikely that the token’s price in the token might see any gains now. 

Shiba Inu’s price can only increase if the market has enough buyers to push the price. Currently, the sellers have the upper hand in the market and are pushing the price towards $0.0000103.

Experts Predict Shiba Inu To End 2022 At $0.00001501

If the sellers are successful, Shiba Inu may head for another huge decline. However, the token could make a rebound rally even if it dips.

In 2022, the SHIBArmy was responsible for most buying sprees from June down to August. Unfortunately, Sellers wiped out the little gains the token accumulated as they entered the market. 

This action caused the price to fall yet again after climbing up. Meanwhile, there is still hope, although the cryptocurrency has been struggling in recent months.

Moreover, price forecasts for the end of this year, and 2023 reveal that the token will eventually pick pace.

Additionally, Shiba Inu is building a metaverse platform that is expected to boost the ecosystem. The community predicted that the price would reach $0.00001501 at the end of 2022.

Analysts predict that the token will reach a peak of $0.00002271 next year. Currently, the next support level for the coin, if it drops, is at the $0.00001307 price level. However, if the entire crypto market becomes bullish, this could help push SHIB’s price up.