Thursday, April 18, 2024

Potential 10% Decline for Shiba Inu (SHIB) Before Next Buying Opportunity.

Like its meme counterpart Dogecoin (DOGE), which is down about 2%, the price of Shiba Inu (SHIB) is also trading with a bearish bias. The only two exceptions to the sector token dump are Floki Inu (FLOKI) and the Book of Meme (BOME).

Shiba Inu price is likely to drop 10%

The price of Shiba Inus is consolidating under a descending trendline on the 3-hour timeframe, following a clearly defined downturn. More closely, an ascending trendline is the reason why the meme coin is barely holding above support.

Given that the Relative Strength Index (RSI) has remained below the 50 mean line, the Awesome Oscillator (AO), which is also marginally bullish, emphasizes the market’s bearish sentiment.

Under these circumstances, the Fibonacci retracement indicator suggests that the price of the Shiba Inu may drop below the 0.000024 support before perhaps rising again. This would represent a 10% decline from the current levels.

Bearish on-chain metric prognosis for the price of Shiba Inus

SHIB holders have been consistently taking profits, as evidenced by the Network Realised Profit/Loss statistic, which has shown positive jumps over the past two weeks. This occurred concurrently with the asset’s price correction.

In addition to the Network Realised Profit/Loss indicator, the fall in address activity is another metric that supports the negative viewpoint. A change in interest from market players is indicated by the fall in both the number of active addresses and the network growth, or the number of new addresses.

However, the altcoin’s market value may rise if bulls enter the market now and keep the Shiba Inu price above the rising trendline. A strong candlestick closure above the $0.000029 resistance level on the three-hour timeframe would refute the bearish theory.

In a very optimistic scenario, the Shiba Inu price might reach the 50% Fibonacci placeholder at $0.000034, which represents the midpoint of the market range. This would indicate an increase of 305 over the present levels. If this roadblock were turned into support, more buy-in orders would be placed, which may lead SHIB to even higher levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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