Shiba Inu price has been consolidating for most of the last months following the August 5 crash. There was a price outburst around August 20, but it was quickly quelled, and the asset dropped back into its range. Several crypto analysts think SHIB price is about to rip to $0.001, but is this truly the case? Technical analysis may tell a different story.
Why Experts Think Shiba Inu Price is About to Surge
Over the past seven days, two analysts have predicted Shiba Inu price increase to $0.001. Krao shared a chart showing that the asset was currently consolidating and forecasted that at the end of the consolidation, SHIB would quickly delete two zeros.
LuckSide, another analyst, has also projected that the SHIB price could surge to $0.001 as all factors are aligned for this rally. Some of his reasons for the bold prediction include whales acquiring 3 trillion SHIB in the last two days as large investors pulled out $4 million worth of SHIB from exchanges.
Will SHIB Price Rise Anytime Soon?
While Krao and LuckSide have merits in their analysis, there is reason to believe that the Shiba Inu price may not rise soon. Firstly, even though whales accumulating is a bullish sign, it doesn’t always translate to a number-go-up, especially when the charts tell a potential drop may be coming soon.
Moreover, Krao analyzes the data on a monthly timeframe, making the surge appear likely to happen sooner rather than later. This could be misleading, as shorter timeframes indicate a potential sell-off is imminent.
According to the Shiba Inu price 4-hour chart, there is a different story. The price action has formed a month-long head and shoulders, a bearish reversal sign. After the August 5 crash, crypto prices began surging as investors bought the dip. This H&S shows that the market decline is not over yet.
SHIB price currently has support at $0.00001280, which, if broken, could lead to an 18% drop, setting the price at $0.00001000. Conversely, SHIB price prediction shows if the meme coin bounced off the support, it could rally to the top of the range ($0.00001440) before trying to break out.
The Federal Open Market Committee (FOMC) will be meeting tomorrow to make the decision on the U.S. interest rate cuts. This data will adversely affect the crypto market, including the SHIB price. Investors await a 25bps or 50bps, but there is still much uncertainty.
If Fed Chair Jerome Powell fails to cut rates, it may signal bearish sentiment, which could be the final nudge that pushes Shiba Inu below $0.00001280.
The post Experts Call For $0.001 SHIB, But Can Shiba Inu Price Defy This Bearish Pattern? appeared first on CoinGape.
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