Shiba Inu Price Declines Once Again, What’s Coming Next?

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As a seasoned crypto investor with a keen interest in the meme coin market, I’ve witnessed firsthand the volatility of Shiba Inu (SHIB) and its price movements. With the ongoing bullish and bearish trends in the market, SHIB has experienced a 2.69% decline over the last 24 hours, dropping to $0.00002507. This drop comes amidst economic instability, with inflation rates still above the Federal Reserve’s target, causing uncertainty and potential selling pressure in various markets.

In the ever-changing dynamics of the market, where bulls and bears share equal footing, some cryptocurrencies have experienced a downturn, while others have thrived. The overall market cap hovers around $2.64 Trillion, which represents only a moderate decrease. However, the influence is more pronounced in specific cases like Shiba Inu, which has dipped 2.69% over the past 24 hours, despite bullish indicators. Currently, Shiba Inu’s price stands at $0.00002507 and its market capitalization amounts to $14.77B.

Shiba Inu Price Declines Once Again, What’s Coming Next?

The recent decrease in Shiba Inu’s price may be attributed to the US economy’s instability, as the inflation rate remains higher than the Federal Reserve’s desired target of 2%. Consequently, numerous markets experience turmoil. Furthermore, large investors, known as “whales,” have sold their meme coin holdings, leading to increased selling pressure. However, it is essential to consider whether this downtrend will persist or if there are indicators pointing towards recovery. Join us in exploring this topic further in our upcoming blog post.

Will Shiba Inu Price Surge or Decline Next?

According to the technical analysis, the Shiba Inu price currently hovers around a balanced zone based on the indicators. Specifically, the Relative Strength Index (RSI) stands at 50.6, which is considered neutral territory. In this situation, both buyers and sellers are equally engaged in the market, resulting in an equilibrium between buying and selling pressures.

As a crypto investor, I observe that the Moving Average Convergence Divergence (MACD) is currently signaling neutral territory, which aligns with my assessment. Additionally, among the moving averages, I detect seven indicators pointing towards investor buying interest, while five suggest selling tendencies.

According to these technical signs, it’s unlikely that the meme coin will experience a significant price increase today. However, there are some events that could potentially lead to a rally.

Based on information from yesterday, the open interest rates for Shiba Inu have bounced back to their peak level from February, amounting to approximately $97 million – the highest figure in several months. Previously, the interest rate had dropped significantly from its March peak of $136 million. This rebound suggests growing investor enthusiasm towards this meme coin, foreshadowing a potential price increase similar to the one experienced during March when high interest rates were also prevalent.

The Shib burn rate is experiencing a significant increase currently. In fact, it has jumped by an impressive 123% within the last 24 hours, resulting in the destruction of approximately 10,770,842 $SHIB tokens. As the number of available tokens decreases due to this trend, scarcity could further fuel the surge in demand for Shib tokens.

Final Thoughts

According to technical analysis and investor sentiment, it’s more likely that the price of Shiba Inu will consolidate rather than rally at this time. There is a possibility that the price may even drop further for several hours, if not days. Analyst predictions vary widely, with some forecasting a rise to $0.00003 by the end of the week and $0.00008766 by the end of the month. Others, however, predict sideways consolidation in the coming days. Let’s wait and see what the Shiba Inu price charts will show us next.

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2024-06-07 14:50