Shiba Inu Faces Potential 45% Drop – What’s Next?
Release: 2024/07/08 01:35 Reading: 567
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) is undergoing a bearish trend based on recent price action and technical indicators. Fibonacci levels suggest a potential decline to levels witnessed in late February.
Despite a temporary recovery, SHIB has faced resistance at its previous support level ($0.0000178), hindering further upward movement.
Network growth has slowed, raising concerns about the sustainability of the recent upward momentum.
Technical Indicators
The 1-day chart exhibits a consistent downtrend, with lower highs and lows. The Relative Strength Index (RSI) remains below 50, confirming the bearish trend.
The Directional Movement Index (DMI) indicates a strong downtrend, with the -DI and ADX above 20 since June 14th. The 78.6% Fibonacci retracement level is now acting as support, suggesting potential further declines.
Distribution Trends
Shiba Inu's mean coin age has trended downward, indicating increased distribution. The spike in dormant circulation on July 6th suggests potential upcoming selling pressure.
Conclusion
Shiba Inu faces a bearish trend with potential for further price declines. Network growth has slowed, and resistance at $0.0000178 may hinder upward movement.
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