In a marketplace replete with tumult, Shiba Inu, the famed memecoin, continues to bear the brunt of volatile investor sentiment. Despite boasting a whopping 3 million transactions on its second-layer solution, Shibarium, its market posture remains predominantly bearish. This can be seen starkly as SHIB slides below critical long-term support, causing trepidation amongst its vast community of holders.
SHIB’s 24-hour decline of 0.25% coincides with its current price sitting at $0.000006809 and a market capitalization of $4.02 billion. The H4 market structure presents an unsettling image for Shiba enthusiasts.
The Relative Strength Index (RSI), plunging to 27, paints a picture of aggressive downward momentum. Distressingly, the On-Balance Volume (OBV) and Chaikin Money Flow (CMF) readings signify a significant capital flight from the coin in October.
Between $0.000007 and $0.0000076, there exists a daunting bearish breaker block on the daily chart. Breaking beneath this range showcases the dominance of bearish players. While there’s a potential pivot point coinciding with the H4 fair value gap and the 61.8% Fibonacci retracement, forecasting a bounce to this level remains speculative. Moreover, should a bounce occur, it may simply provide an attractive entry for bearish trades, with an eye on the 23.6% downward extension at $0.0000066.
As Bitcoin, the industry’s flagship cryptocurrency, struggles beneath $27,000, the entire crypto sector risks further downturns. Predicting Shiba Inu’s trajectory becomes increasingly complex amidst the bearish sentiment of Bitcoin.
While some anticipate a potential bounce, others remain cautiously skeptical. In such precarious times, prudence might be the best strategy. Both potential SHIB buyers and sellers may find value in a wait and watch approach, ensuring they navigate this erratic market with minimal risks.
