Shiba Inu (SHIB), the popular meme coin, is facing a bleak future as analysts predict a continued decline in its price. The coin, known for its association with the adorable Shiba Inu dog breed, has lost nearly 14% of its value in the past seven days, sparking concerns about its long-term viability.
Technical indicators are flashing red for SHIB, with the Relative Strength Index (RSI) and Money Flow Index (MFI) currently sitting at 38 and 35, respectively. The Elder Ray Index, which measures the strength of buyers versus sellers, has been firmly in negative territory since June last week, indicating a clear dominance of bears in the market.
The current technical outlook for SHIB is bearish, with analysts expecting the price to drop further in the short term. The lack of buying pressure combined with strong selling momentum suggests that the price could retreat to the $0.000020 mark.
The decline in SHIB’s price is not just due to technical indicators. NewsBTC’s analysis highlights a potential decline in investor interest for the self-proclaimed “Dogecoin Killer”. The meme coin’s initial surge to prominence relied heavily on social media hype and community-driven movements. However, with the overall cryptocurrency market experiencing a correction, and meme coins facing increased scrutiny, the “Shiba Army” might be losing some of its steam.
While the immediate future appears bleak for SHIB, a complete collapse isn’t entirely out of the question. Market sentiment could trigger a price rebound. If bulls regain control and investor confidence returns, SHIB could potentially climb back up to the $0.000024 mark. However, analysts warn that this scenario hinges heavily on unforeseen market forces and a renewed wave of community support.
The Fear & Greed Index, which pegs high levels of greed at 72, supports this feeling. Shiba Inu’s price volatility over the last 30 days has been moderate at 4.50%. Only 40% of the days have seen increases, suggesting that there hasn’t been much bullish momentum.
In conclusion, Shiba Inu’s price decline is expected to continue in the short term, with analysts predicting a drop to the $0.000020 mark. While there is a possibility of a rebound, the technical indicators and market sentiment suggest that the coin’s future is uncertain.
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Source: NEWSBTC
