Despite efforts to broaden its ecosystem, Coincu predicts that Shiba Inu (SHIB) would continue on its downward track through September 2023. A bearish trend is evident given the token’s price decline to $0.000007, which is backed by both weekly and daily indicators. SHIB is currently trading at $0.0000072, and no notable resistance levels are in view. Even after Shibarium’s debut earlier this year, the future of the Shiba Inu is still up in the air.
The SHIB community has been attempting to diversify its token offerings in recent months in an effort to move beyond its memecoin roots and diversify its ecosystem. However, the burn rate has decreased by 19.74% over the past 24 hours, according to Shibburn, a platform that tracks Shiba Inu’s tokenomics parameters. There are currently 410,659,181,001,629 tokens have been burned from the initial supply
The price of SHIB has dropped to $0.000007 from a key horizontal support level, indicating a possible long-term bearish trend. Bearish mood is indicated by both weekly and daily indices, supporting additional losses in the direction of the next closest support level. Since reaching a high of $0.000011 in the middle of August, SHIB has dropped by more than 35%. The nearest price support for SHIB, which is currently trading at $0.0000072, is at $0.000007, with no discernible resistance levels as the price continues to move lower.
Shiba Inu’s future course is still up in the air, and it’s possible that the token will stabilize at its current price. Despite being much anticipated, the launch of Shibarium earlier this year did not significantly raise the price of SHIB. The negative outlook that has dominated since February is still a burden.