Shiba Inu: Is SHIB Primed to Rise 16% by Sept. 1, 2023?

Lavina Daryanani
Source: Crypto Valley Journal

Shiba Inu has been making upward strides on its price front since June 2023. From a low of $0.00000543, SHIB rallied by 109.2% to claim $0.00001136 in early August. However, Shibarium’s rocky launch and the subsequent transition of the Layer-2 network to ‘private mode’ dented SHIB’s price. As a result, the asset registered its second-longest red candle of 2023 on the weekly timeframe.

After multiple tests, developers are working towards re-launching the network. However, Shiba Inu’s price has failed to recover. The increasing macro bearish headwinds have put SHIB on a slippery slope. The asset’s price recently broke below its mid-term recovery trendline [yellow], and was seen trading at $0.00000811 at press time.

Chart 1 | SHIB/USDT by TradingView

Also Read: Shiba Inu: Will Shibarium Help SHIB Delete 3 Zeroes In 1 Year?

SHIB Bearish Pressure Intensifies

The bearish pressure has been mounting in the market. With sellers’ dominance rising, SHIB’s net flows have been painting a worrying trend. Over the past 12 hours, the buy trades had exceeded the sell trades by more than 120 billion SHIB tokens.

Source: IntoTheBlock

On the daily timeframe, SHIB’s Bollinger Bands were seeing a widening, indicating the rising volatility in the market. However, the price has been trading below the average [orange], closer to the bottom band, re-emphasizing that the market is primed to become oversold without bullish support.

Chart 2 | SHIB/USDT by TradingView

Also Read: Shiba Inu: How Much Did SHIB Rise from 2021 to 2023?

Price Targets

Thus, if the current momentum solidifies, then SHIB could register a 17.7% drop [chart 1] to $0.00000667 over the short term. However, it will get a chance to cap its losses at the $0.00000702 level.

Also Read: Shiba Inu: 2 Ways SHIB Could Reach $0.01

Contrarily, if SHIB manages to re-claim the uptrend line on the weekly chart during the weekend, market participants can prepare for the asset’s gradual ascent to the 38.2% Fib level at $0.00000973. This will translate to a 15.6% rise from the current price.