Shiba Inu is in danger as Shibarium TVL slumps, death cross nears
Release: 2024/07/05 22:09 Reading: 653
Shiba Inu Plummets as Crypto Sentiment Sours
Shiba Inu has endured a sharp sell-off, mirroring the decline in the crypto fear and greed index, which has dipped into the red zone for the first time this year.
Sustained Downtrend and Underperformance
SHIB has now declined for three consecutive days, reaching a low of $0.00001271, its nadir since March 1. Notably, it has plummeted by nearly 70% from its peak this year, significantly underperforming major cryptocurrencies such as Bitcoin and Ethereum.
Crypto Sentiment Erodes
Fear has permeated the crypto industry, driving down the crypto fear and greed index to 38, its lowest level since November 2023. This represents a significant drop from its peak above 90 in the "extreme greed" zone.
External Headwinds and Weak Fundamentals
Shiba Inu's decline aligns with multiple challenges both within and outside the crypto space. Within the industry, increased Bitcoin balances on exchanges indicate selling pressure from entities such as the German government and Bitcoin mining companies.
Additionally, spot Bitcoin ETFs have witnessed a steady decline in assets. The latest data reveals that eleven funds hold 865,947 coins valued at approximately $50 billion.
Exacerbating the situation, macroeconomic indicators suggest the Federal Reserve may maintain elevated interest rates for an extended period following Friday's strong inflation and non-farm payroll reports.
Furthermore, SHIB's fundamentals remain weak. Demand has waned, with its trading volume often surpassed by newer meme coins like Pepe and Dogwifhat.
Shiba Inu's Shibarium network has also faltered, with its total value locked (TVL) dropping to $1.35 million from a 2023 high of $4 million.
Technical Analysis Points to Weakness
Technical analysis suggests further weakness for Shiba Inu. The chart indicates that the SHIB token is poised to form a "death cross" pattern, which occurs when the 50-day and 200-day Exponential Moving Averages (EMA) intersect. If this pattern materializes, it could lead to a decline towards its 2024 low of $0.0000085.
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