As the second largest meme coin by market value, Shiba Inu (SHIB) is expected to experience a significant rise on Thursday. Despite the anticipated performance following the transition to the Shibarium mainnet, the team has been unsuccessful in delivering something new for quite some time. If the market suddenly shifts gears this week, how high could the price of SHIBA Coin go?

Shiba Coin Commentary

Altcoins that are closing below daily averages are now also losing their 50-day moving averages, signaling a potential deepening of sales. The situation is not much different on the Shiba Coin front. Shiba Inu recently fell below the 50-day EMA (0.0000248 dollars) and is currently finding buyers at 0.0000236 dollars.

Under normal circumstances, if the overall market sentiment were not so negative, one would expect the price of SHIBA Coin to bounce back from support and aim for the 50-day average again. However, we are currently witnessing closures below support levels.

If the bulls manage to gather strength and focus on upward targets, a resistance test at 0.0000288 dollars could be seen. However, in the current scenario, it appears that the decline could deepen towards the 0.000022 dollar support. The MACD confirms the downward trend and the price continues to loosen within the parallel downward channel.

Shiba Coin Price Prediction

Since hitting a peak of approximately 0.00004567 dollars last month, the bulls have not been favored. Following this peak, the price of Shiba Coin has declined by 60%. Despite the continuation of the downward trend, the MACD on the monthly chart has not turned bearish yet, supporting hopes for a potential uptrend that may start in a few weeks.

To sustain the momentum in the medium term, the key support zone to keep an eye on is 0.00002 dollars. If the bulls can defend this area, they will reflect their confidence in the beginning of a turnaround without seeing deeper corrections.

A golden cross in the BTC pair could be the first strong signal of positive divergence if it matures. However, the weakness in the USD pairs of SHIB suggests that the golden cross could quickly turn into a death cross. As of the time of writing, the price of Bitcoin is at 62,900 dollars, moving lower in the lead-up to the Fed decisions on Wednesday. A temporary loss of the key support zone for SHIB could accelerate sales.

For more details on the market test faced by Shiba Inu Coin, please refer to COINTURK NEWS.