As a researcher with experience in cryptocurrency analysis, I find the current state of Shiba Inu (SHIB) concerning. The price decline, technical indicators, and decreasing investor interest all point to a potential bear market for this meme coin.
The SHIB token, symbolizing the beloved Shiba Inu breed, may be headed for extinction based on analysts’ forecasts. Over the last week, this meme coin has experienced a significant drop of approximately 14%, leading to speculation about its long-term viability.
Bearish Signals Fill The Air
As a crypto investor, I’m closely monitoring the market sentiment of SHIB using various technical indicators. The Relative Strength Index (RSI) and Money Flow Index (MFI) currently stand at 38 and 35 respectively. Normally, these values would suggest that SHIB might be oversold and due for a rebound. However, other indicators tell a different story.
Since the beginning of July last year, the Elder Ray Index, a metric that gauges the balance between buyers and sellers, has consistently shown a strong preference for bearish traders, suggesting that the bears have been in control of the market.
As a crypto investor, I’m observing a bearish technical outlook for SHIB at the moment. The absence of significant buying pressure alongside persistent selling pressure indicates that the price could potentially decrease in the near term. According to analysts, there is an expectation for SHIB to pull back towards the $0.000020 mark.
Is The Howl Of The Crowd Fading?
According to NewsBTC’s assessment, there might be a decrease in investor excitement towards the so-called “Dogecoin Killer,” which could play a role in its recent price decline.
The meteoric rise of the meme coin to popularity was fueled largely by social media buzz and grassroots initiatives. Yet, as the broader cryptocurrency sector undergoes a market correction and meme coins face heightened scrutiny, the “Shiba Army” may be starting to lose some of its momentum.
The outlook for SHIB in the short term seems grim, but a total implosion isn’t a certainty. The mood among investors could shift, leading to a potential price recovery. Should buyers regain the upper hand and trust be restored among investors, this could result in a positive market trend for SHIB.
Shib might have the possibility of returning to the price level of $0.000024. Yet, this outcome could depend significantly on unexpected market influences and a resurgence of strong community engagement.
SHIB Price Forecast
Currently, the estimation for Shiba Inu (SHIB)’s value by July 12, 2024, stands at $0.00007, implying a substantial potential price increase of approximately 226%. Despite this optimistic outlook, however, technical indicators suggest that the market remains somewhat bearish.
The Fear & Greed Index, with a reading of 72 indicating strong greed, aligns with this sentiment. Shiba Inu’s price fluctuations over the past month have been relatively stable at a 4.50% volatility. However, only 40% of the recent trading days have shown price increases, implying limited bullish energy.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-06-12 13:52