- Shiba Inu is stuck within a two-month range formation and is headed for the low.
- The network activity was stable, and one metric promised an uptrend.
As a crypto investor with some experience under my belt, I’ve seen enough market swings and trend formations to make an informed opinion on Shiba Inu [SHIB]. Based on the current market conditions and technical analysis, I believe that SHIB is currently stuck within a two-month range formation and is headed for the low.
Shiba Inu’s [SHIB] price dipped slightly as it tried to cling to a support point, but the buying force faded. This was preceded by a period of market turbulence that caused SHIB value to drop by nearly 7%. However, the trend has since started to reverse.
As a crypto investor, I’ve noticed that the current price trend for Shiba Inu (SHIB) appears bearish in the short term because we’ve lost the key support level. However, in the longer timeframes, the SHIB bulls have their work cut out for them to regain control and potentially push the price upwards again.
The range formation is set to continue
As a researcher studying the cryptocurrency market on June 3, I observed that Shiba Inu was trading at a mid-range support level of $0.0000244 around midweek. However, a few hours prior to my analysis, this level was breached by sellers. Consequently, it seemed plausible that the price would trend downward towards the potential supports at $0.000022 or $0.0000205.
In late May, the Old Dominion Vanlines (OBV) stock attempted to surpass its six-week high but failed. This unsuccessful attempt suggested a weak demand for purchasing the stock, implying a short-term bearish outlook.
The Relative Strength Index (RSI) dipped below the 50-mark, indicating a potential shift in bearish momentum for Shiba Inu. Consequently, it’s foreseen that the cryptocurrency may experience a decline of around 9% to 13% in the near future.
The MDIA showed strong bullishness similar to the latter half of February
The mean investment age of a dollar signifies the average age of all Ethereum network tokens, considered based on their purchasing prices. An upward trend in this indicator implies that the purchased SHIB coins are predominantly held for longer periods.
Investors remain content with their holdings, yet a standstill in the network could pose challenges for price advancement. The MDIA had been consistently rising since early March; however, its upward trajectory came to an end on May 30th.
Over the last few days, there has been a decline observed in this particular metric. If this trend persists, it could be a positive sign, boosting the chances for an imminent price increase.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Over the last two months, the number of daily active addresses has remained fairly consistent. In contrast, the weighted sentiment has shifted into negative territory. As a result, it’s anticipated that there will be short-term losses.
The predicted price of Shiba Inu may dip down to or around its lowest range before bouncing back up to approximately $0.000028.
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2024-06-04 22:15