Shiba Inu (SHIB) has been experiencing a rough patch worse than the general market, spiraling downwards for eight consecutive days since July 28.
This relentless slide marks a rough period for SHIB. It trades at $0.00001305, down 21.98% over the last week, showcasing the brutal bearish pressure gripping the crypto market.
The recent nosedive brought about a death cross formation on Shiba Inu’s short-term chart, indicating a bearish trend that threatens to lower prices.
Analyzing Support Levels and Potential Price Trajectories for Shiba Inu
Can somebody please explain what prompted that collapse? Sure, we’ll do it. The short version is that economies and stock markets are confidence games. America is the country that moves the global economy.
Unfortunately, our labor market is slowing down to such an extent that not even professional liars (politicians and government statisticians) can hide it anymore.
We’re teetering on a real recession, one that’s been overdue, with Americans hitting record credit debt, Bidenomics failing, and student loans resuming in September.
This has led cryptocurrencies like Shiba Inu to drop below critical support at $0.00001269, which has exposed a new danger zone between $0.000008 and $0.000013 – if the levee breaks, we could be seeing lows unimaginable for tokens like Shiba and others.
Shiba Inu took a hit as the crypto market cap dropped 16.59% to $1.84 trillion, and this downturn paints a stark picture of the volatility sweeping through cryptocurrencies, SHIB among them.
“Despite the challenging market conditions, Shiba Inu’s futures open interest has notably declined, reflecting diminishing trading activity and wavering confidence among traders,” industry insights from Coinglass noted.
Evaluating SHIB’s Price Trends and Potential Reversals
Shiba Inu’s price slump has pushed its RSI to an oversold 29.03, hinting at a potential rebound. Meanwhile, the Chaikin Money Flow (CMF) tells a different story, with its negative flow pointing to sustained selling pressure that could hinder a swift recovery.
$SHIB mother of all cup and handles $SHIB = the $DOGE of $ETH pic.twitter.com/2luQyMQqVb
— xx (@TVRN20) July 28, 2024
The trajectory of Shiba Inu will be shaped by the interplay of these market crosscurrents. Traders should track RSI and CMF closely in the day ahead.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
