Shiba Inu (SHIB) is in a very important spot because experts think the temperature will stay low for another week. In the past week, the joke coin, which is linked to the cute Shiba Inu dog breed, has lost almost 14% of its value. This has made people worry about its future in the market.
The Relative Strength Index (RSI) and the funds Flow Index (MFI) are both at 38 and 35 right now, which are important technical signs that show SHIB is going down. The Elder Ray Index, which measures the strength of buyers and sellers, has been negative since last week. This shows that bears are in charge of the market.
SHIB Faces $0.000020 Decline
Most people don’t like SHIB, and experts think it will drop to the $0.000020 level because there isn’t much buying pressure and a lot of selling movement.
There are also signs that buyers are losing faith in SHIB, which could cause its value to drop even more. The initial rise in fame of the coin was largely due to social media hype and community-driven movements. However, as the cryptocurrency market as a whole goes through a correction and meme coins are scrutinized more closely, Shiba Inu momentum may be waning.
A total collapse is not impossible, even though the near future doesn’t look good. If bulls take back control of the market and investors’ faith is restored, prices could go up again, which could push Shiba Inu back to the $0.000024 point. Analysts warn, though, that this kind of situation depends on unanticipated market forces and more support from the community.
Technical indicators show that the market is still pessimistic, even though a bullish price prediction says it will be worth $0.00007 by July 12, 2024. The Fear & Greed Index, which shows high levels of greed at 72, backs up this view. On the other hand, SHIB’s price has been moderately volatile over the last 30 days, rising only 40% of the days, showing a lack of bullish movement.
