According to a digital source,’ TradingView’, the plunge in Shiba Inu’s (SHIB) prices continues.
Experts are still determining when this downtrend is going to stop. Moreover, SHIB is one of many currencies struggling to maintain their prices.
On Wednesday, 14th Dec 2022, the crypto market once more was hit by any other bearish trend as all the major cryptocurrencies suffered a decline in their prices. As far as SHIB is concerned, the currency’s current market cap is $130M.
Given the recent cryptocurrency economic downturn, many experts are worried about the market’s future.
But recently, so many incidents have occurred suggesting that the newly formed bull market is about close.
Coming back to SHIB, The Shiba Inu crypto ecosystem is powered by the dog meme coin-inspired ERC-20 token. On Wednesday at press time, the token was trading around $0.00000915, at its lowest in the past 21 days.
The cryptocurrency’s price is dominated by the bears, despite the trade volume of $130M for the past 24 hours.
Many experts believe that the recent plunge results from the rumor that investors have pulled their investments from the exchanges as FED is about to publish its findings regarding the inflation rate.
The tranquil price behavior of SHIB stands in contrast with that of the previous two sessions. The price of cryptocurrency touched its lowest on Wednesday, as the concerns about Binance’s solvency had negatively impacted the cryptocurrency market.
But the fact is that before the recent drop in price, currency’s overall market performance gas remained positive.
However, all the positivity seemed helpless against the news that U.S regulators would take tough decisions to tighten the financial conditions.
The reason behind the tight financial legislation is to protect the fiat market from further loss.
What Does the Cryptocurrency’s Long-term Technical Analysis Suggest?
A look at SHIB’s long-term price performance indicates sheer pessimism from investors.
“Price of cryptocurrency is crumbling after a highly active month. We do not anticipate this paradigm to survive given the nature of crypto and the seismic movements beneath it.” Said TradingView.
Moreover, TradingView, in its analysis, also added that many other minimal but complex factors are reshaping the cryptocurrency market. Following these developments, the bulls can’t continue to push prices on the upside.
Price Prediction Shows Further Downfall
Bulls are enjoying their few last breaths before they perish. Moreover, SHIB’s trade volume is also minimal, which shows that bulls can only last for a while to help currency rise over a longer period.
The current customer market sentiment toward the currency is also not positive. Moreover, it is also important to mention that after the demise of FTX, SHIB has struggled to retain positivity.
The currency had also failed to hold strong ground above its moving average.
But if all the SHIB’s moving averages show a clear downtrend, then there is no doubt that throughout the whole month of December, SHIB’s performance has remained below the average.
The cryptocurrency market’s future shows a further decline in prices as prices will reach new lows.
It Seems Highly Impossible for SHIB to Reach $1 Mark
SHIB’s biggest rival, another meme coin, DOGE, came closer to touching the $1 mark back in 2021 as the currency recorded its highest price, around $0.7605.
Can SHIB best the DOGE in terms of price heights and become the first-ever meme token to reach the $1 mark?
As SHIB’s market cap has seen a massive cut, investors have lost their trust in trading SHIB. So, the current circumstances clearly show that it is nearest to impossible for a meme coin to touch the $1 mark.
As of this writing, DOGE’s market cap is $100 billion. To touch the $1 mark, SHIB must match the DOGE’s market cap. Reaching the market cap of $100 billion will be one of the biggest shocks that SHIBA could produce.
