Is it now the time to buy Shiba Inu (SHIB/USD)?

As Cryptocurrency Continuing the whipsaw, Shiba Inu (SHIB/USD) is in the trench. In one week he has dropped more than 6% and the cryptocurrency is currently trading at $0.0000092. Dip buyers may be interested in price levels. This is considering that SHIB has held since touching his one-week low of $0.000008.

A major concern for SHIB and other cryptocurrencies is the crisis of confidence brought on by the collapse of FTX. Sentiment is bearish so far as most tokens are currently trading lower. Other than that, SHIB seems to have built on the strengths of meme tokens and overcame the $0.000012 resistance.

Negative sentiment aside, Shiba Inu continues to suffer from a lack of significant progress. But on November 16th, the Shiba Inu team released some positive updates. The team has released the first concept art of what to expect once the Metaverse becomes a reality. While the update has sparked anticipation for the major project, SHIB investors are still not optimistic. The price of meme tokens remains silent.

SHIB Price Outlook Amid Bear Market

SHIB/USD chart by TradingView

Technically, SHIB is under pressure even though the buyer defended $0.000008. The level does not match the support zone and the cryptocurrency could fall further.

RSI shows that SHIB is not oversold yet, but there are still other sellers. The indicator shows the downside of SHIB. Meme Token is also trading below the moving averages.

Sibu prediction

price of shiba inu If the current weak sentiment continues, a fall to annual lows around $0.000007 is possible. Levels match support. This means you may see lower prices. Cryptocurrencies do not present an attractive buy.

Where can I buy it

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Disclaimer

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