Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen?
12 Juni 2024 - 12:43PM
NEWSBTC
Shiba Inu (SHIB) might be facing its own demise as analysts predict
a continuation of its week-long price decline. The meme coin, known
for its association with the adorable Shiba Inu dog breed, has lost
nearly 14% of its value in the past seven days, raising concerns
about its future. Related Reading: Solana Searching For Direction:
Will SOL Break Free Or Fall Flat? Bearish Signals Fill The Air
Technical indicators often used to gauge market sentiment are
flashing red for SHIB. The Relative Strength Index (RSI) and Money
Flow Index (MFI) currently sit at 38 and 35, respectively. While
these values suggest the asset might be oversold and ripe for a
rebound, other indicators paint a bleaker picture. The Elder Ray
Index, which measures the strength of buyers versus sellers, has
been firmly in negative territory since June last week, indicating
a clear dominance of bears in the market. The current technical
outlook for SHIB is bearish. The lack of buying pressure combined
with strong selling momentum suggests the price could drop further
in the short term. Analysts expect to see SHIB retreating to the
$0.000020 mark. Is The Howl Of The Crowd Fading? NewsBTC’s analysis
also highlights a potential decline in investor interest for the
self-proclaimed “Dogecoin Killer”. This waning enthusiasm could be
a significant contributing factor to the price drop. The meme
coin’s initial surge to prominence relied heavily on social media
hype and community-driven movements. However, with the overall
cryptocurrency market experiencing a correction, and meme coins
facing increased scrutiny, the “Shiba Army” might be losing some of
its steam. While the immediate future appears bleak for SHIB, a
complete collapse isn’t entirely out of the question. Market
sentiment could trigger a price rebound. If bulls regain control
and investor confidence returns, SHIB could potentially climb back
up to the $0.000024 mark. However, analysts warn that this scenario
hinges heavily on unforeseen market forces and a renewed wave of
community support. SHIB Price Forecast Meanwhile, with a projected
value of $0.00007 by July 12, 2024, the present analysis of Shiba
Inu (SHIB) points to a large potential price growth of 226%. But
even with this bullish price forecast, the technical indications
show that the market is still pessimistic. Related Reading: Cardano
(ADA) Headed For Reversal? Analyst Eyes $0.50 As Turning Point The
Fear & Greed Index, which pegs high levels of greed at 72,
supports this feeling. Shiba Inu’s price volatility over the last
30 days has been moderate at 4.50%. Only 40% of the days have seen
increases, suggesting that there hasn’t been much bullish momentum.
Featured image from Reddit, chart from TradingView
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