As a seasoned analyst with years of experience navigating the volatile crypto market, I must admit that Shiba Inu’s current performance has given me a sense of déjà vu. It reminds me of some ‘dead coins’ I’ve encountered in my career – promising projects initially, but ultimately failing to deliver sustainable growth.
Over the past fortnight, Shiba Inu‘s price has been moving independently from the general crypto market, taking a downward trajectory while other digital currencies mirrored Bitcoin‘s volatile movements. Although advancements in the Shibarium blockchain have occurred, Shiba Inu trading volume remains disappointingly low, and this trend is echoed in its falling price. A study of futures trade data and market activity suggests that the SHIB price could soon reach a point of maximum despair, followed by a strong bullish rally surpassing 500%.
‘Dead Chain’ Vibes Rub Off on Shiba Inu Price
The Shiba Inu blockchain, known as Shibarium, has been struggling to match the achievements it made in its associated token. As per findings by Messari Research, the actual trading volume of SHIB reached a one-year minimum on August 18, implying that the interest among investors might not be as high as before, possibly indicating a decline in popularity for SHIB.
Additionally, Shiba Inu (SHIB) is experiencing increased selling due to futures contracts, as indicated by the Coinglass Crypto Derivatives Visual Screener’s graph comparing Shiba Inu open interest (OI) and price. This suggests that traders are predicting the SHIB price will decline in the near future because they are opening short positions.
The analysis of Shiba Inu’s technical aspects indicates a possible 50% decrease due to increasing selling activity. Yet, subsequent events could lead to a massive rise, potentially pushing the price of SHIB above 500%.
$0.000015 Critical For SHIB Price
The graph illustrates that Shiba Inu’s price has been steadily decreasing along a specific path, much like the last one, suggesting a persistent bearish market. At present, the Shiba Inu price is close to the bottom edge of this path, which implies significant downward pressure.
The digital token SHIB exhibits some resistance at approximately $0.00001318 and $0.00001526. If SHIB manages to breach the initial resistance, it has the potential to jump 500% to around $0.00003698, with potential pauses or plateaus at $0.00001934 and $0.00002816. On the other hand, SHIB might find support near $0.00001227 and $0.00001000, a significant psychological support level.
As a crypto investor, I’ve noticed that the candlestick analysis is showing a spinning top formation, indicating market uncertainty with neither bulls nor bears holding the upper hand. Despite this ambiguity, the ongoing downtrend and absence of a robust reversal pattern suggest that the bearish trend might persist unless there’s a substantial surge in buying pressure.
In simpler terms, the Chaikin Money Flow (CMF) is slightly positive, hinting at modest buying activity that leans towards neutral rather than strong. This doesn’t suggest a significant bullish turnaround contrary to the predominantly bearish market direction.
If Shiba Inu’s price surpasses and stays above approximately $0.00001798, this could indicate a strong market condition and potentially shift the trend towards bullish, contradicting the bearish hypothesis. As a result, the Shiba Inu price might climb even higher, aiming to reach its yearly highs.
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2024-08-19 14:28