Experts Predict $0.001 for SHIB, But Will Bearish Patterns Hold Shiba Inu Back?

Key Takeaways

• Shiba Inu (SHIB) has been consolidating after a crash in August, with recent fluctuations failing to break out of its previous range.
• Despite some bullish forecasts, including predictions of SHIB reaching $0.001 due to whale activity and large withdrawals, technical analysis suggests caution due to a bearish head and shoulders pattern and a critical support level at $0.00001280.
• The upcoming Federal Open Market Committee (FOMC) meeting on U.S. interest rates adds uncertainty, as no rate cut could negatively impact the crypto market, potentially leading to further declines in SHIB's price.

Shiba Inu's price has been consolidating for most of the past few months following a crash on August 5. While there was a brief surge around August 20, it was short-lived, and the asset has since reverted to its previous range. Some analysts, like Krao and LuckSide, predict that SHIB could rise to $0.001, citing recent whale activity and large withdrawals from exchanges as bullish indicators. However, technical analysis suggests otherwise.

Trade & Invite your friends to earn up to 20 $USDT worth of $HMSTR

1. New users on Bitrue will receive HMSTR tokens worth 10 USDT for their first trade of any spot pair. 
2. All users who invite three new users to register on Bitrue and complete any spot trade will receive HMSTR tokens worth 10 USDT.

Click here for more details

Analysts’ Bullish Predictions for SHIB: Potential to Eliminate Two Zeros Amid Whale Activity

Krao's analysis, which is based on a monthly timeframe, suggests that SHIB might soon eliminate two zeros from its price. Meanwhile, LuckSide highlights the accumulation of 3 trillion SHIB by whales and the withdrawal of $4 million worth of SHIB as positive signs for a potential price surge. Despite these bullish predictions, there are reasons to be cautious.

Attention all $DOGS holders! New Launchpool is live on Bitrue. Stake $DOGS to share 50,000 $HMSTR prize pool!

How can I participate in Launchpool to earn tokens? After completing the KYC verification, as long as your spot account has designated tokens and the balance reaches the minimum staking limited amount, you can participate, and you can redeem it at any time; Click here for more details.

Critical Support Level for Shiba Inu: Bearish Patterns and Potential Price Movements

The Shiba Inu price chart reveals a bearish pattern, with a head and shoulders formation over the past month, indicating a potential decline. The current support level at $0.00001280 is critical; if broken, SHIB could experience an 18% drop to around $0.00001000. Conversely, if SHIB bounces off this support, it could rally to $0.00001440 before attempting a breakout.

Source: TradingView

The upcoming Federal Open Market Committee (FOMC) meeting, where a decision on U.S. interest rate cuts will be made, adds another layer of uncertainty. A lack of a rate cut might signal bearish sentiment for the crypto market, potentially pushing Shiba Inu below the $0.00001280 support level. Thus, while some analysts are optimistic, technical indicators and external factors suggest caution.

Register now! Secure your spot to enjoy up to 100% cashback! Invite new users to reserve and share a $10,000 USDT prize pool!

Click here for more details.

FAQ

• What is causing Shiba Inu's price to consolidate? After a significant crash on August 5, Shiba Inu's price has been consolidating with brief surges, struggling to break out of its established range.
• What are the bullish indicators for Shiba Inu? Analysts like Krao and LuckSide point to whale activity and large withdrawals from exchanges as potential bullish signs, suggesting a possible price increase.
• What should investors watch for in the near future? Investors should monitor the $0.00001280 support level closely; a break below this level could lead to further declines. Additionally, the outcome of the FOMC meeting on interest rates may impact SHIB’s price direction.