Shiba Inu (SHIB) is trading at $0.00001472 at the time of writing. The meme coin has experienced a decline in the utility of its ecosystem projects, including Shibarium and Shibaswap, which currently has $15 million in assets locked.
Potential Price Drop for Shiba Inu
Shiba Inu has been in a downward trend since reaching a peak of $0.00004567 in March 2024, falling to a low of $0.00001078. On Sunday, SHIB lost nearly 3% of its value amid the diminishing utility of its Layer 2 scaling solution and Shibaswap.
SHIB may sweep liquidity at $0.00001371, the lower boundary of the Fair Value Gap (FVG) on the SHIB/USDT daily chart. Once this imbalance is filled, Shiba Inu could begin its recovery, targeting a rally towards $0.00002017, the July 16 peak for the meme coin. The drop to $0.00001371 represents an approximate 8% decline, while the potential rally to $0.00002017 signifies nearly a 50% gain.
Shiba Inu could advance its recovery and aim for the $0.00002017 level by the end of Q4 2024.
The Moving Average Convergence Divergence (MACD) indicator shows a green histogram bar above the neutral line, indicating underlying positive momentum in SHIB’s price trend.
Shiba Inu may find support at $0.00001303, the low from September 17.
Data from Shibariumscan indicates a decline in the number of accounts and stagnation in transaction volume on the chain, reinforcing a bearish outlook for Shiba Inu.
