Is Shiba INU Dead? How Long Will SHIB Price Trade Around $0.00001?

The post Is Shiba INU Dead? How Long Will SHIB Price Trade Around $0.00001? appeared first on Coinpedia Fintech News

Shiba INU( SHIB) Price Prediction

Shiba INU (SHIB) Technical Analysis

• Shiba INU continues to extend the bearish descending triangle as it hovers around the same levels at $0.0001

• The price has been trading within 0 FIB & 0.23 FIB levels for nearly a month, after multiple failed attempts to surpass the upper FIB levels

• While the volatility has dropped heavily from 1.44% to 0.5% in just 30 days as the price continues to trade below $0.000013 for a long time from now

• If the platform receives a significant influx of liquidity, this may mount a significant buying pressure that may, in turn, impact the SHIB price as well

Shiba INU(SHIB) On-Chain Analysis

• Social dominance has dropped heavily from more than 7% to as low as 1.015% in recent times

• The Daily active address has dropped heavily from as high as 7000 before a month, which has now slashed to 3640 at the moment

• The supply on exchanges has also plunged significantly from 15.89% before the market collapsed in May to the current level of 14.25% of the total supply

• Lastly, the NFT trade count has also been maintaining a single-digit number for the past couple of months which has kept the NFT space a low-key

Wrapping it up, SHIB price has been under deep waters ever since the market collapsed in May 2022. Meanwhile, the meme coin has been surging in recent times but is failing to maintain above the gained levels. Hence, unless the market conditions ease up, the Shiba INU price may continue to remain within deep bearish captivity,