• Sat. Apr 20th, 2024

Shiba Inu continues to struggle. Here is the price outlook

Shiba Inu (SHIB/USD) has added another zero after the decimal point for its current price. As of press time, the cryptocurrency was exchanging hands at $0.00000996, losing 3% in the week. A brief technical outlook shows the meme token is back to its June and July lows. There are positive things, however, to note.

As the Shiba community ponders when the SHIB Metaverse will come to fruition, the developers are keeping hopes alive. The team has unveiled a new concept art for its virtual reality world, dubbed Dunes. 

Of course, it’s not the first time the developers have released concept art. The previous ones included the WAGNI Temple, the Rocket Pond, and Canyon. The Shiba Inu community may be less excited about the concept art, going by the lack of enthusiasm around SHIB’s price. However, it at least shows the work in progress for Shiba Inu’s virtual reality world. 

Meanwhile, the SHIB burn rate is also on the rise. In the last 24 hours, over 45 million tokens were burned. That represented a 1,860% spike in burn for the meme cryptocurrency. The burning mechanism aims to tame falling SHIB prices. However, investors are hearing none of it. Some are even questioning whether SHIB will survive till the end of 2023. How can that be?

The community is concerned that despite the introduced burn mechanism, SHIB continues to decline. The lack of real utility of the token has been blamed for limited network activity and growth.

SHIB continues to slide below moving averages

Source – TradingView

The technical outlook is bleak for SHIB. Despite sitting at support, sellers are active at the current price. An RSI reading of 38 suggests that there are more sellers, and we are yet to get to the oversold zone. The price momentum is weak as moving averages continue to offer resistance above.

What next for SHIB?

The technical indicators and price momentum pits SHIB back to the June lows of $0.0000072.

However, with the extremely low valuations, more utility for the meme token could allow SHIB to surprise markets. That’s what SHIB is known for – making parabolic moves at the slightest of positive news. Consequently, whereas there is a risk for SHIB, it also carries an unprofaned opportunity. 

Where to buy SHIB


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eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy SHIB with Capital.com today

The post Shiba Inu continues to struggle. Here is the price outlook appeared first on CoinJournal.