Analysts said that Shiba Inu risks falling to a yearly low as early as December

Cryptocurrency analysts have noted that the Shiba Inu (SHIB) memo token has completed a short-term correction and deviated from the horizontal resistance zone, meaning that the digital asset risks falling to an annual low as early as December this year.

The price of SHIB token fell below the long-term descending resistance line on August 15. The line caused numerous deviations between October 29 and November 4. Soon after, Shiba Inu dropped below the support level of $ 0.97 and is now continuing its decline. At the time of writing, the digital asset is trading at $ 0.91, down almost 2% from last week.

The short-term six-hour chart also indicates a bearish sentiment for the SHIB price. If the decline continues, the token will hit a one-year low of $ 0.69. According to analysts, the price of the meme cryptocurrency needs to recover to $ 0.97 to become bullish, which is currently impossible.

It is worth reminding that the number of addresses with at least one Shiba Inu token reached its historical maximum in October, after the launch of the Shiba Eternity game. As of October 7, 2,193,520 addresses owned at least one SHIB token. As for Shiba Eternity, it is a collectible card game (CCG) created in collaboration with the Australian game development company PlaySide Studios. Representatives of the game claim stunning visuals, hundreds of unique cards, exciting battles, and an incredible community of like-minded people for 10,000 Shiboshi heroes.