Shiba Inu Price Prediction: RSI Flashes Red After 16% Slide – Could SHIB Be Headed for a Breakdown?

Key Points

1. The Shiba Inu price (SHIB) has dropped nearly 6% in the past 24 hours, with smaller-cap tokens like Pudgy Penguins (PENGU) and SPX6900 (SPX) falling by 10.3% and 14.3% respectively.

2. CryptoELITES, a pseudonymous crypto trader, shared a bullish Shiba Inu price prediction of $0.00023 per token, which would result in a 17x gain, contingent on SHIB breaking above its weekly symmetrical triangle.

3. Other analysts, like Joe Swanson, predict a more conservative 36% rise for SHIB in the near term, citing a cup and handle pattern in the daily chart.

4. The daily chart shows SHIB touching a key horizontal support at $0.00001200, but the Relative Strength Index (RSI) indicates negative momentum, with the 9-day EMA crossing below the 21-day EMA.

5. Token6900 (T6900), a new meme coin, has raised $1.5 million, with a hard cap of $5 million, attracting investors looking for alternative opportunities.