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SHIB Open Interest Plummets: What’s Next For Shiba Inu Crypto Price?

SHIB Price Analysis: Shiba Inu (SHIB) is hitting a rough as meme coins spiral downwards for eight consecutive days since July 28.

By Isaiah Mccall

Last Updated: Aug 5, 2024

Fact checked

By Sam Cooling

SHIB Price Analysis: Shiba Inu (SHIB) is hitting a rough as meme coins spiral downwards for eight consecutive days since July 28.

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.

(FRED)

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.

(SHIBUSD)

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.

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.

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.

The Next Shiba Inu, Shiba Shootout

Shiba Shootout is breaking the meme coin mold, offering a Wild West-themed experience with meme duels, crypto poker, and play-to-earn games for crypto fans seeking both fun and function.

Nearing $1m tokens sold in its presale, Shiba Shootout is early into its meme coin journey. It promises a redefined meme coin through community-driven events, imaginative contests, and immersive gameplay.

For investors caught in the meme coin mania, Shiba Shootout’s $SHIBASHOOT tokens lure with eye-popping APYs up to 1,659%, offering a sweet blend of passive income and active fun.

Shiba Shootout embodies community spirit and innovation, leading the charge in the meme coin world with a player-centric, dynamic experience.

Get in on SHIBASHOOT – ‘cause it’ll be the last Shiba standing when the dust settles!

EXPLORE: AI Narrative Back As FET Crypto and TAO Crypto Most Searched: Top 5 Crypto AI Coins to Buy in August

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.

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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.
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Isaiah Mccall
Isaiah Mccall
Crypto Analyst

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter Read More

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