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Shiba Inu price has been stuck in a downtrend for 100 days, which has raised concerns among investors about when the meme coin could stage a comeback. With selling pressure, dominating the market, SHIB is struggling to regain momentum, thus the question, when will the meme coin end its 100 day price downtrend.
SHIB price today trades at $0.0000127 with a marginal 0.7% increase in 24 hours.
When Will the 100-Day Shiba Inu Downtrend End?
Shiba Inu price has been stuck in a persistent downtrend for more than 100 days as depicted on the daily price chart. This downtrend follows reduced interest in meme coins as crypto traders turn away from more speculative assets.
SHIB price has been forming lower highs and lower lows, as selling pressure increases. During this period, SHIB’s market cap has dropped by more than 50% from $16 billion to the current $7 billion.
For a SHIB’s price rally to happen and invalidate this prolonged bearish structure, it needs to break resistance at the descending trendline. The major resistance level is at $0.0000136, and if SHIB can move above this level, it could flip the market structure to bullish.
If SHIB can successfully breach the $0.0000136 resistance, a significant 108% rally would follow that would propel SHIB towards the 79% Fibonacci level of $0.0000286. This rally largely depends on buyers and whales accumulating buying the meme coin to push the price higher.
On the other hand, if the Shiba Inu price continues to move within this descending trendline and fails to make a breakout, the downtrend will persist. This will support a bearish Shiba Inu price prediction that will drop the meme coin to support at $0.0000108.
Shibarium Network Approaches 10M Block Record
One of the factors that could push Shiba Inu price out of the 100-day downtrend is the growth of the Shibarium network. Per Shibariumscan, the number of blocks on the network now stands at 9.94 million, and could soon hit the 10M milestone and ignite a massive rally for the meme coin.
Despite this growth, the layer 2 network continues to see reduced adoption. Data from DeFiLlama indicates that the Total Value Locked (TVL) on the network has dropped from $6 million to around $1.81 million, which is a nearly six times drop.
As network activity drops, Shiba Inu price may continue to face bearish headwinds that will extend the 100-day decline and push it to the $0.0000108 support level. However, if the $10M block milestone helps to drive adoption, it could spark a bullish reversal for SHIB.
Frequently Asked Questions (FAQs)
The SHIB downtrend will likely end once buyers re-enter the market and SHIB flips resistance at $0.0000286.
Shibarium is nearing a major milestone, with the total block count approaching 10 million.
If Shiba Inu price flips resistance at $0.0000136, it could ignite a 108% price rally.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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