Shiba Inu Breaks Downtrend Line – Is A Trend Reversal Imminent?

Christian Encila

Last Updated: July 31, 2022 4:50 pm

2 mins read

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Shiba Inu (SHIB) along with another meme coin Dogecoin (DOGE) have had the worst crashes. However, SHIB is singing a different tune as it turns green after suffering a bearish downturn for a long time.

Unlike DOGE, the crypto community is very optimistic about the future of Shiba Inu’s price.

Shiba Inu is a popular dog meme coin that is said to rival Dogecoin. SHIB is a high-performer in the crypto space but also suffered a catastrophic drop like the rest of the crypto market.

However, in October, SHIB was able to bounce back by more than 100% and reached an ATH of $0.00008616.

Shiba Inu was built on Ethereum while DOGE had its own blockchain. SHIB went viral as it was treated like a joke on social media, especially on Twitter.

Basically, Shiba Inu initially was able to ride on with DOGE’s success as many people jumped in and bought SHIB to rake in from the positive market sentiments.

Crypto Community Predicts 101% Spike For SHIB

The CoinMarketCap community forecasted that SHIB will trade by $0.00002065 at the end of July this year. The crypto community, composed of around 16,403 members has predicted Shiba Inu’s price to spike by 101.30% or 0.00001039 from its current price.

As of this writing, the community members have voted and forecasted the SHIB price for August to glide to $0.00001761.

Since January of 2022, SHIB has been on a steady decline seen mostly in May but the good news is that it generated short-term winning streaks as of press time.

The dog meme coin has dropped massively by 60.82% from $0.000034 seen on January 1 to now at $0.00001026. As per CoinMarketCap data, the total market capitalization of SHIB stands at $5.62 billion.

The crypto market has crashed extremely hard but SHIB has suffered a more aggressive type of crash. Most cryptocurrencies have dropped by 75% in the previous months but SHIB lost as much as 90% in total value.

SHIB Outpaces DOGE, Breaches Downtrend Line

However, when it performed a bullish movement in October, SHIB was able to outpace DOGE in the top 10 crypto list. SHIB now has a loyal and raving community bringing in more investors.

SHIB downtrend was seen last year in November and prices dropped massively to as low as $0.0000077.

SHIB was able to breach the downtrend line which hints at a trend reversal and indicates robust validations especially with the crypto market flashing the green light. SHIB’s technical indicators show that there is a coming uptrend.

If SHIB can successfully breach the $0.000013 price barrier, it can offshoot to the next target at $0.000020.


SHIB total market cap at $6.6 billion on the daily chart | Source: TradingView.com

Featured image from Cointribune, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.