Shiba Inu Price Prediction as SHIB Continues to Decrease in Value – Can 'Buying the Dip' Strategy Work?

cryptonews.com:

The price of Shiba Inu (SHIB) has remained basically flat in the past 24 hours, rising by a modest 0.3% to $0.00000683.

This contrasts with a crypto market that has dipped very slightly, although SHIB is down by 5% in a week and by 6% in a month, with the meme token also having fallen by 15.5% since the beginning of the year.

This contrasts poorly with other major tokens such as BTC, ETH, XRP and SOL, and with SHIB continuing to slide in recent weeks, it would appear that the token is in the middle of a long-term decline. 

However, with layer-two network Shibarium attracting new users, and with Shiba Inu as a whole still working to be more than a meme token, SHIB could see a recovery in the not-too distant future.

SHIB's chart does not make for particularly inspiring reading, with its relative strength index (purple) having been at depressed levels since the middle of August.

Assuming that SHIB is a fundamentally valuable asset, this means that the token has been well and truly oversold, as also indicated by its 30-day exponential moving average (yellow).

This average continues to fall further below SHIB's 200-day average (blue), again signalling that all of the pressure is towards selling, and that SHIB still hasn't found a lower level that will make it attractive to buyers again in the current climate.

Indeed, SHIB's support level (green) is still sliding downwards, and even though the coin has risen a little today, it wouldn't be surprising if the weekend sees it fall through yet another support.

This would imply further losses, and while the technicals increasingly point towards a recovery, SHIB is arguably the kind of token that really needs market-wide bullishness and exuberance to rise.

As such, it can be expected to drop