The Shiba Inu price (SHIB) has declined in the past 24 hours, even though most meme coins have been experiencing a mild recovery.
The token has accumulated a 7-day loss of 15% as rising tensions in the Middle East have contributed to depressing the crypto market as a whole.
Other tokens like Dogecoin (DOGE) and Pepe (PEPE) are performing much better in the past day with gains of 1.5% and 4.6%.
Shiba Inu (SHIB) is approaching a key support at $0.0001050 that could determine the token’s trajectory over the next few days.
This project has one of the strongest communities in the crypto space and it is the home of a growing ecosystem of decentralized apps (dApps) through which investors can stake their SHIB, play blockchain-based games, and trade other meme coins.
If SHIB bounces off its key support at $0.00001050, does this favor a bullish Shiba Inu price forecast?
Looking at Shiba Inu’s daily chart we can see that bearish momentum has been accelerating in the past few days as the token has dropped in 7 out of the past 9 trading sessions.
One interesting indicator that favors a bearish Shiba Inu price prediction is the BBTrend. This metric measures how Bollinger Bands have expanded and contracted lately to measure the strength of the current price trend.
As seen in the chart, the indicator has been posting increasingly higher negative red bars that indicate growing bearish momentum as SHIB nears its key support at $0.00001050.
Although this points to a bearish outlook, it could also mean that sellers have gone too far already and could anticipate the exhaustion of the downtrend once it gets to this relevant level.
Hence, if SHIB touches and bounces off this mark, sellers may not have the necessary ammunition to keep pushing the price lower. This supports a bullish Shiba inu price prediction that favors a ‘mean reversion’ move.
This means that SHIB could rise to around $0.00001500 – an important level where the daily 200-day exponential moving average currently sits.
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