Shiba Inu Price Prediction – Can SHIB Recover 50% From Here?

cryptonews.com:

Shiba Inu price is yet to escape the tight bearish grip amid the ongoing FTX drama. The dog-themed meme coin remains range bound, along with the wider crypto markets.

For now, eyes are fixated on Shiba Inu's ability to defend the support at $0.00000830, a move likely to pave the way for a 50% northbound rally.

Binance, the largest exchange by daily traded volume, believes that despite the negative attention the crypto industry has been getting recently, there is hope for a bright future if stakeholders commit to building and protecting its reputation.

For that reason, Changpeng Zhao (CZ), Binance CEO, renewed hope for the industry by launching a recovery fund that could be tapped by crypto businesses affected by the FTX saga.

According to CZ, the move will help "reduce further cascading negative effects of FTX." The fund will focus on helping "projects that are otherwise strong but in a liquidity crisis." Binance opened the fund to other strong companies with sufficient capital to join hands and boost struggling businesses in an already dilapidated market.

Following the announcement, the market briefly flipped green, with Bitcoin jumping to $17,109 on Monday, although it has since retreated and is exchanging hands at $16,969 on Tuesday. The second-largest crypto asset, Ethereum, rebounded to $1,284, bolstered by CZ's positive gesture. ETH now trades at $1,260 at the time of writing.

Shiba Inu's price appears to be nearing the tail end of the FTX-triggered self-off from highs around $0.00001512. The meme coin is consolidating around $0.00000918 after bouncing off the critical support at $0.00000830 – tested for the first time since June 2022.

The Directional Movement Index (DMI) reveals that bearish pressure is still present