Shiba Inu

Rise

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 <p><br><strong>Is Shiba Inu</strong> [<strong>SHIB] Poised to Drop 18% by September 2023?</strong></p> 
 <p>Shiba Inu has been making upward strides on its price front since June 2023. From a low of $0.00000543, SHIB rallied by 109.2% to claim $0.00001136 in early August. However, Shibarium’s rocky launch and the subsequent transition of the Layer-2 network to ‘private mode’ dented SHIB’s price. As a result, the asset registered its second-longest red candle of 2023 on the weekly timeframe. </p> 
 <p>After multiple tests, developers are working towards re-launching the network. However, Shiba Inu’s price has failed to recover. The increasing macro bearish headwinds have put SHIB on a slippery slope. The asset’s price recently broke below its mid-term recovery trendline [yellow], and was seen trading at $0.00000811 at press time.</p> 
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  <img decoding="async" width="1024" height="473" src="https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp" alt="" class="wp-image-108797" srcset="https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 1024w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 300w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 768w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 380w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 550w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 800w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 1160w, https://cdn.thebittimes.com/images/2023/08/26/5de142d80e077727a7b7cc2c28a944fc.webp 1237w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Chart 1 | SHIB/USDT by TradingView 
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 <p><strong>Also Read: Shiba Inu: Will Shibarium Help SHIB Delete 3 Zeroes In 1 Year?</strong></p> 
 <h3 class="wp-block-heading" id="h-shib-bearish-pressure-intensifies">SHIB Bearish Pressure Intensifies </h3> 
 <p>The bearish pressure has been mounting in the market. With sellers’ dominance rising, SHIB’s net flows have been painting a worrying trend. Over the past 12 hours, the buy trades had exceeded the sell trades by more than 120 billion SHIB tokens. </p> 
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   <img decoding="async" width="316" height="60" src="https://cdn.thebittimes.com/images/2023/08/26/17ddb94e021f15a44749ef7941eb32ba.webp" alt="" class="wp-image-108807" srcset="https://cdn.thebittimes.com/images/2023/08/26/17ddb94e021f15a44749ef7941eb32ba.webp 316w, https://cdn.thebittimes.com/images/2023/08/26/17ddb94e021f15a44749ef7941eb32ba.webp 300w" sizes="(max-width: 316px) 100vw, 316px"> 
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     Source: IntoTheBlock 
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 <p>On the daily timeframe, SHIB’s Bollinger Bands were seeing a widening, indicating the rising volatility in the market. However, the price has been trading below the average [orange], closer to the bottom band, re-emphasizing that the market is primed to become oversold without bullish support.</p> 
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    Chart 2 | SHIB/USDT by TradingView 
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 <p><strong>Also Read:&nbsp;Shiba Inu: How Much Did SHIB Rise from 2021 to 2023?</strong></p> 
 <h3 class="wp-block-heading" id="h-price-targets">Price Targets </h3> 
 <p>Thus, if the current momentum solidifies, then SHIB could register a 17.7% drop [chart 1] to $0.00000667 over the short term. However, it will get a chance to cap its losses at the $0.00000702 level. </p> 
 <p><strong>Also Read:&nbsp;Shiba Inu: 2 Ways SHIB Could Reach $0.01</strong></p> 
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 <p>Contrarily, if SHIB manages to re-claim the uptrend line on the weekly chart during the weekend, market participants can prepare for the asset’s gradual ascent to the 38.2% Fib level at $0.00000973. This will translate to a 15.6% rise from the current price.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>Price Prediction</li> 
  <li>september 2023</li> 
  <li>shib</li> 
  <li>shiba inu</li> 
 </ul> 
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Shiba Inu: Is SHIB Primed to Rise 16% by Sept. 1, 2023?

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