The price of Shiba Inu Coin is down 50% since June 6th, 2024. While this sounds very concerning, the ‘good news’ is that SHIB was only down 4% in overnight trading on September 4th, 2024. SHIB is exhibiting resilience around current levels. There is a good reason for this.
RELATED – Shiba Inu (SHIB) Price Prediction
In this article, we explore SHIB price charts and conclude that the downside in SHIB is limited.
The price of BTC is dropping amid a broader market sell off. It’s all over the news. But what does this really mean for SHIB, short term and long term?
Shiba Inu Coin (SHIB) Price Drop Prediction
While our ability to forecast peak prices has proven to be outstanding, since we initially started doing crypto forecasts back in 2017, we always include downside targets in our predictions.
Our Shiba Inu Coin (SHIB) price prediction research includes the price drop predictions for SHIB:
Shiba Inu (SHIB) is anticipated to reach a ‘buy the dip’ level at $0.0000111. This strategic entry point, ideal for investors looking to capitalize on potential uptrends, underscores the opportunity for significant gains amidst SHIB’s inherent market volatility.
SHIB is not far from hitting this predicted price drop level.
Consequently, the price of Shiba Inu Coin is staring to stabilizing as it’s near rock solid support levels.
It makes so much sense that SHIB is starting to show resilience against BTC around current levels.
Shiba Inu Coin (SHIB) Needs A Consolidation
With every price drop comes the intuitive reaction of investors: WHAT HAPPENED?
The first next reaction is to search the news which, by the way, is a lagging indicator.
Browsing through the recent Shiba Inu Coin (SHIB) price news gives an obvious answer – no valuable insights can be retrieved from reading news.
One important market and chart dynamic that investors tend to forget is that each and every asset must go through the following stages:
- Uptrend.
- Turning point.
- Downtrend.
- Turning point.
- Uptrend.
That’s what we tried to explain in our recent piece Shiba Inu Coin (SHIB) Price Analysis for September 2024: Bullish, Bearish Or Neutral?
There is one, and only, thing needed to turn this chart bullish – support at $0.000012345 needs to be respected on 3 to 5 day closing basis. This support level coincides with its 75% Fibonacci retracement level.
A downtrend remains a downtrend until a turning point is reached. A turning point is typically reached during a consolidation.
SHIB needs a consolidation.
You may be looking for news but the reality is that SHIB needs a consolidation before turning bullish again.
Eventually, the tide will turn, but that’s not now.
That’s why this type of post is very misleading reflecting a lack of understanding of how markets work.
$SHIB Giga Pump Incoming pic.twitter.com/CwkHRwACs7
— SHIBCrowd September 3, 2024
Shiba Inu Coin (SHIB) Price Drop Visualized
Always zoom out!
Here is the good news – the SHIB is starting to work on a bottom formation.
SHIB is not ready for an uptrend.
But as long as $0.0000111 holds, preferably even $0.0000123, it would be outstanding news for SHIB enthusiasts. Eventually, this formation, provided these levels hold, will become a bullish reversal.
Shiba Inu Coin (SHIB) Chart
The one and only chart setup that matters is the ongoing triangle formation.
This formation underscores the importance of the resolution period which is October 2024.
This is the message of the chart – IF SHIB respects support levels indicated above by the end of October 2024, the outcome is likely going to be bullish.
Readers know exactly what to watch. It’s not the news but the SHIB chart.
SHIB – conclusions
While this current market environment may feel ugly, the reality is different – any downtrend will remain a downtrend until a consolidation starts and turns into a new uptrend.
SHIB is close to completing a 6-month downtrend.
The consolidation might be starting now.
The news won’t help.
The chart will help.
Again, the one and only thing that matters is this: “As long as $0.0000111 holds, preferably even $0.0000123, it would be outstanding news for SHIB enthusiasts. Eventually, this formation, provided these levels hold, will become a bullish reversal.”
The rest is noise.
