Shiba Inu Price Prediction as SHIB Falls 90% From Its All-Time High – Is Now a Good Time to Start Accumulating?
Shiba Inu (SHIB), the ERC-20 meme coin token that powers the Shiba Inu web3 ecosystem, was last trading around $0.0000075, down more than 90% from its 2021 all-time highs in the $0.000088 area.
For now, the crypto token is consolidating within recent $0.000007-8 ranges and is just below its 21 and 50-Day Moving Averages (DMAs).
Shiba Inu saw a steep price decline in June, falling from around $0.0000086 to more than two-year lows under $0.000006 amid FUD created by the US Securities and Exchange Commission (SEC)’s lawsuits against Coinbase and Binance.
In the lawsuits, the agency named a number of blue-chip cryptocurrencies as securities, though didn’t name Shiba Inu.
SHIB has been able to recover an impressive 25% from these lows.
But on the year, the crypto token is still trading around 7% lower, versus year-to-date gains of around 84% and 56% for bitcoin (BTC) and ether (ETH).
Indeed, with SHIB still in a clear downtrend from its all-time highs, price predictions remain pessimistic, at least in the short to medium term.
If SHIB was able to break above its 21 and 50DMAs in the $0.0000075-77 area, it could potentially face significant resistance as it retests support-turned-resistance at $0.0000084, which roughly coincides with the downtrend from the all-time highs and the 100DMA.
Bears may see a rally back to such levels as a good opportunity to add to short positions with a view to targeting a retest of the yearly lows.
Of course, was SHIB able to break above this key resistance zone, it could be set up for a swift rally back to test yearly highs around $0.000016.
But on the way back to yearly highs, SHIB would face formidable resistance at the 200DMA near $0.00001, which also coincides with March/April lows, and around April’s
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