Given analysts’ prediction of Shiba Inu’s week-long price drop continuing, SHIB may be about to die. Renowned for its connection with the cute Shiba Inu dog breed, the meme coin has dropped over 14% of its value in the past seven days, raising questions on its survival.
Bearish Signals Fill The Air
For SHIB, technical indicators typically used to judge market mood show flashing red. Currently sitting at 38 and 35 respectively are the Relative Strength Index (RSI) and Money Flow Index (MFI). Other signals point a less favourable picture, even while these numbers imply the asset might be oversold and ready for a rebound.
Since June last week, the Elder Ray Index—which gauges buyer strength against seller strength—has been firmly in negative territory, signifying a clear market dominated by bears.
SHIB’s technical projection for right now is negative. Strong selling momentum paired with low purchasing pressure point to a further short-term price decrease. Analysts predict SHIB falling back to the $0.000020 level.
Is The Howl Of The Crowd Fading?
Based on NewsBTC’s research, investor interest for the self-described “Dogecoin Killer” may also be declining. One major contributing reason to the price reduction could be this declining excitement.
The initial rise to popularity of the meme coin mostly depended on social media buzz and movements driven by communities. But the “Shiba Army” might be losing some of its momentum as the general bitcoin market corrects and meme currencies come under further examination.
Although SHIB’s near outlook seems dark, a total collapse is not completely off the question. Market mood might set off a price comeback. Should bulls underline control and investor confidence returns,
SHIB might perhaps rise back to the $0.000024 level. Analysers caution, nonetheless, that this situation mostly depends on unanticipated market dynamics and a fresh surge of community support.
SHIB Price Forecast
With a projected value of $0.00007 by July 12, 2024, the current study of Shiba Inu (SHIB) shows a significant possible price increase of 226%. Nevertheless, the technical signals imply that the market is still negative even with this optimistic price projection.
This sentiment is supported by the Fear & Greed Index, which marks high degrees of greed at 72. With a price volatility of 4.50%, Shiba Inus have shown to be somewhat mild over the past 30 days. The fact that just 40% of the days show rises points to little positive momentum.
Featured image from Reddit, chart from TradingView