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The Shiba Inu price is currently in deep bearish territory. After being rejected at the 200-day EMA in mid-April (blue line) and breaking the ascending trend line on the 1-day chart to the downside on April 20 (black line), the SHIB price is now in free fall.
Yesterday, the SHIB price initially received support at $0.00000839 on the 1-day chart. However, if a trend reversal does not follow soon, the Shiba Inu price could drop towards the local low at $0.00000779 from December 28. This would erase all price advances since the beginning of the year.
For now, the RSI on the daily chart is at 24, in oversold territory. For the return of a tentative bullish momentum, the SHIB price needs to break the key resistance at $0.000010. Otherwise, a retest of the December 2022 low seems inevitable.
Will Shiba Inu Ever Reach Its All-Time High Again?
Even though the Shiba Inu price is extremely bearish at the moment, the meme coin still has one of the strongest communities hoping for better times once Shibarium and SHIB : The Metaverse are live on the mainnet. However, two well-known crypto experts and influencers have expressed their doubts today.
According to Mason Versluis, founder of crypto community Gold Squad, and Tony JRNY, founder of NFT project JRNY Club, the chances of SHIB reaching its all-time high of $0.00008845 from October 2021 again are slim. At the current price, that means Shiba Inu would have to rise over 930%.
Versluis wrote on Twitter, “I am pretty confident $SHIB will never go past all time high again ($0.00008845) What do y’all think?”. Tony replied that there would have to be “some groundbreaking utility and FOMO” for this to happen. Versluis agreed and added:
Absolutely. I feel this with Doge too though and that’s scary because I know people bought very high on that one.
It would take some ground breaking utility and FOMO
— JRNY Crypto (@JRNYcrypto) May 8, 2023
It is important to note that the utility (more than just a meme coin) mentioned by the two crypto experts is currently being developed with ShibaSwap 2.0, Shibarium and the Metaverse. Moreover, numerous applications will perform token burns on Shibarium, thus accelerating the elimination of the huge circulating amount of SHIB.
However, it is not yet known when the launch of Shibarium and the Metaverse will take place. Shibarium is likely to be released later this year, as teased by lead dev Shytoshi Kusama, and could be the catalyst for a furious upward trend. The price will thus depend on new (groundbreaking) use cases.
Featured image from iStock, chart from TradingView.com
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