Shiba Inu (SHIB) 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

Shiba Inu (SHIB) 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.

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.

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.

Furthermore, the development of the Shibarium network and its integration with other blockchains could also influence the price of Shiba Inu. As the project progresses and gains more attention, we could see a gradual increase in the value of SHIB.

Overall, while the price of Shiba Inu is influenced by a variety of factors, the potential for the project to succeed and drive adoption in the coming years remains a key factor that could contribute to a significant increase in the value of SHIB.