Bitcoin

Dogecoin

Shiba Inu

Shiba Inu (SHIB) is currently experiencing a bearish trend, according to recent price action and technical indicators. Fibonacci levels suggest that SHIB prices may drop towards the lows observed in late February.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/4a8c7504882b412fb2eef5dc4dc2af9e.svg&#43;xml" />Despite a 38% bounce from these lows over the past two days, SHIB has struggled to break through the former support level of $0.0000178, which now serves as resistance. This resistance may lead to further price declines.Additionally, although SHIB appears undervalued in the <a href="https://cryptosheadlines.com/dogecoin-price-bounces-back-following-2023s-biggest-doge-shorting/" rel="noopener noreferrer nofollow">short term and has seen a recent price bounce</a>, network growth has slowed. The key question is whether the bulls can drive <a href="https://cryptosheadlines.com/potential-for-dogecoin-doge-price-to-double-in-the-near-future/" rel="noopener noreferrer nofollow">prices higher in the near future</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/34dae04dc20c4135bd8cebfd97c6b96e.png" /><h3 id="shiba-inu-s-bearish-price-action-and-technical-indicators">Shiba Inu’s Bearish Price Action and Technical Indicators</h3>The 1-day chart for Shiba Inu (SHIB) shows a firmly bearish trend. Following a breakdown from its trading range, SHIB has been consistently forming lower highs and lower lows. The Relative Strength Index (RSI) remains below the neutral 50 level, reinforcing the downtrend.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/73ec0dda19584e6ebbb509efdf2c3d51.png" />Source: SHIB/USDT on TradingViewThe Directional Movement Index (DMI) indicates that the -DI and ADX have been above 20 since June 14th, signaling a strong downtrend. This <a href="https://cryptosheadlines.com/solanas-trend-changes-with-firedancer-testnet-launch/" rel="noopener noreferrer nofollow">trend has continued without significant changes</a>.Additionally, the 78.6% Fibonacci retracement <a href="https://cryptosheadlines.com/solanas-price-faces-bearish-pressure-could-130-be-the-next-support-level/" rel="noopener noreferrer nofollow">level has been broken and is now acting as support</a>. This suggests that a further downward movement to the 100% level, or potentially beyond, is likely for the <a href="https://cryptosheadlines.com/attention-on-meme-coins-meme-stocks-and-ripple-in-weekly-cryptosheadlines/" rel="noopener noreferrer nofollow">meme coin</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/34dae04dc20c4135bd8cebfd97c6b96e.png" /><h3 id="shiba-inu-s-distribution-trends-and-selling-pressure">Shiba Inu’s Distribution Trends and Selling Pressure</h3>In the final week of May, Shiba Inu’s mean coin age began to trend downward, indicating increased distribution. This metric has yet to show an uptrend, reflecting ongoing steady selling and minimal accumulation across the network.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2a079a86fc304c7ebb79a8131e5cbef7.png" />Source: <a href="https://app.santiment.net/s/S9eVH94e" rel="noopener noreferrer nofollow">Santiment</a><a href="https://cryptosheadlines.com/taiwan-has-no-set-date-for-digital-currency-launch/" rel="noopener noreferrer nofollow">Also Read: Taiwan Has No Set Date for Digital Currency Launch</a>On July 6th, a spike in dormant circulation occurred as prices rebounded, which might signal upcoming <a href="https://cryptosheadlines.com/nansen-selling-pressure-on-ether-after-shanghai-upgrade-was-insignificant/" rel="noopener noreferrer nofollow">selling pressure</a>. Meanwhile, the number of daily active addresses has remained steady compared to the previous month.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d2f2c9d59b3e4e58a2a148fa2ed4266a.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Shiba Inu Faces Potential 45% Drop – What’s Next?

Table of Contents

cmcdelete@edb8d1ee4ec9a85c04690131b307c085

Other articles published on Jul 7, 2024

Bitcoin Price Fails To Break 200D EMA, Is $52k Next?

Jupiter Exchange Offers Active Staking Rewards and Launches Ape Memecoin dApp for Huge Profits

$56.4 Million Raised by BlockDag: Unraveling Why It’s July 2024’s Premier Crypto Buy Amidst Ether...

XRP Success Story Inspires New Hope, Could BlockDAG’s 30,000x ROI Eclipse XRP’s Financial Triumph?

Cardano’s Hoskinson Fires Back: ADA “Not Dead” to Institutions Before Governance Upgrade

Quit Your Day Job: These Three Altcoins Could Buy You an Island by 2025

Join our free newsletter for daily crypto updates!