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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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%.<\/p>\n
Versluis wrote on Twitter, \u201cI am pretty confident $SHIB will never go past all time high again ($0.00008845) What do y\u2019all think?\u201d. Tony replied that there would have to be \u201csome groundbreaking utility and FOMO\u201d for this to happen. Versluis agreed and added:<\/p>\n
Absolutely. I feel this with Doge too though and that\u2019s scary because I know people bought very high on that one.<\/strong><\/p>\n It would take some ground breaking utility and FOMO<\/p>\n \u2014 JRNY Crypto (@JRNYcrypto) May 8, 2023<\/a><\/p>\n\n 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<\/a> on Shibarium, thus accelerating the elimination of the huge circulating amount of SHIB.<\/p>\n 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<\/a> 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.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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%.<\/p>\n Versluis wrote on Twitter, \u201cI am pretty confident $SHIB will never go past all time high again ($0.00008845) What do y\u2019all think?\u201d. Tony replied that there would have to be \u201csome groundbreaking utility and FOMO\u201d for this to happen. Versluis agreed and added:<\/p>\n Absolutely. I feel this with Doge too though and that\u2019s scary because I know people bought very high on that one.<\/strong><\/p>\n It would take some ground breaking utility and FOMO<\/p>\n \u2014 JRNY Crypto (@JRNYcrypto) May 8, 2023<\/a><\/p>\n 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<\/a> on Shibarium, thus accelerating the elimination of the huge circulating amount of SHIB.<\/p>\nWill Shiba Inu Ever Reach Its All-Time High Again?<\/h2>\n