Shiba Inu Price Prediction as Meme Coin Market Cap Sees First Decline Since March – This Hidden Coin is Bucking the Trend
The Shiba Inu price has dived by 8% today, with its price dropping to $0.0000216 as the broader crypto market lost 4.5% in the past 24 hours.
SHIB has now fallen by 24% in a week and by 16% in the last 30 days, with the meme token holding onto an 85% gain in a year.
Its declines come at a time when the meme token segment of the market has seen its first major decline in cap since March, with the likes of SHIB and Dogecoin bearing the brunt of the recent loss in confidence.
However, some meme coins are going against the current grain and showing promising signs of growth, including certain newer tokens that are holding their presales.
SHIB is in the middle a medium-term downturn, with its indicators remaining weak today and not showing any clear signs of an imminent recovery.
Its relative strength index (purple) has declined again in the past 24 hours, after showing a modest recovery to 60 yesterday.
SHIB’s 30-day moving average (orange) is also still declining, despite already being substantially below the coin’s 200-day average (blue), meaning that the token has entered oversold territory.
It’s possible that this decline may continue for a few days yet before we see a concerted recovery, although SHIB’s elevated trading volume – at about $1 billion – does show some encouraging signs of market interest.
Still, its resistance (red) and support (green) levels continue to point downwards, for now, so traders will need some patience.
Read more on cryptonews.com
