• Shiba Inu (SHIB) is a popular Ethereum-based ERC-20 token and the second largest dog-inspired meme coin by market capitalization after Dogecoin.
• SHIB/USD is down about 10% from earlier monthly peaks near the $0.000013 level due to broad downside in crypto markets and across risk assets.
• According to Cryptonews.com analyst John Isige, a break above the chart pattern would open the door to a test of $0.000014.
Shiba Inu (SHIB), one of the most popular and highly valued Ethereum-based ERC-20 tokens, has seen its price drop on Monday in the mid-$0.000011s, now down about 10% from earlier monthly peaks near the $0.000013 level. SHIB has been steadily increasing in popularity and market capitalization in recent months and is now the second largest dog-inspired meme coin after Dogecoin.
The current drop in SHIB/USD is primarily due to broad downside in crypto markets and across risk assets in the traditional finance space ahead of a massive week of macro risk events. Investors and traders are feeling cautious about the outcome of the upcoming Fed, ECB and BoE meetings, US jobs, ISM and Consumer Confidence data.
Despite the pullback, SHIB is still on track to have gained a whopping 43% this month, which would be its best month since October 2021, when it surged 830% higher. However, traders should be aware that earlier this month, SHIB/USD confirmed a downtrend linking the August, October 2022 and January 2023 highs, which suggests the cryptocurrency’s near-term bias could be to the downside.
Cryptonews.com analyst John Isige believes that a break above this chart pattern would open the door to a test of $0.000014. On the other hand, if this week’s macro events weigh on crypto, then SHIB traders should watch for how the crypto token reacts to the $0.000011 support area. A break below this level could see it return under $0.000010.
Overall, SHIB remains one of the most popular and valuable Ethereum-based tokens and its price performance is something to watch out for in the coming weeks. The outcome of this week’s macro risk events could have a significant impact on how SHIB trades going forward.