- Shiba Inu has a strongly bearish outlook from the price action and technical indicators.
The Fibonacci levels showed that SHIB prices could fall toward the late February lows.
As a seasoned crypto investor with a few battles scars and a keen eye for technical analysis, I’ve been following Shiba Inu [SHIB] closely. And based on the latest price action and technical indicators, my gut feeling is that SHIB prices are likely to recede by another 30%-45%.
Over the last two days, SHIB‘s price increased by 38% from its lows; however, it failed to surpass the previous support level of $0.0000178, transforming into a new resistance barrier. This setback could potentially lead to further declines.
A recent analysis by AMBCrypto indicated that Shiba Inu (SHIB) might be underpriced temporarily, but its network expansion has slowed down. Subsequently, the token’s price experienced a surge. However, is there enough buying power among bulls to push prices upward further?
Will Shiba Inu prices recede by another 30%-45% next?
As a crypto investor, I’ve noticed that the price action on the one-day chart has taken a bearish turn for SHIB. After breaking down from its previous range, the coin continued to form lower peaks and troughs. Additionally, the Relative Strength Index (RSI) remained persistently below the neutral 50 level, which is a strong indication of a persistent downtrend in the market.
Since the 14th of June, the DMI’s negative directional indicator (_-DI_) and the average directional index (ADX) have consistently remained above the threshold of 20. This prolonged state indicates a strong downtrend that has persisted without interruption.
With a break and reversal at the 78.6% Fibonacci resistance, it’s reasonable to anticipate a potential price decrease toward the 100% level or potentially lower for the meme coin.
On-chain metrics show SHIB bulls were powerless
In the last week of May, the average age of circulating coins started decreasing, indicating a lack of new coins entering the system and no clear upward trend in sight. This was reflected in continuous coin sales with minimal new coins being held in reserve.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
As a crypto investor, I’ve noticed an intriguing development in the market on July 6th. The previously dormant circulation suddenly saw a surge, indicating that prices had bounced back. This unexpected increase could potentially be a sign of forthcoming selling pressure. On the other hand, daily active addresses have remained consistent with the previous month’s trend.
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2024-07-07 16:07