Shiba Inu’s dwindling price has made many investors worried about its future potential, with analysts now predicting its support levels. Ali Martinez via a X post stated “Shiba Inu could find support at $0.000012 or at $0.0000094.”
The prediction comes as the price of $SHIB has been down 8.7% in the past 24 hours, currently standing at $0.00001342. In the past month, $SHIBA has been trading down over 26%.
$SHIBA Price: Why Is It Down?
Over the past month, the price of Shiba Inu has decreased for several reasons. First, a slowdown in the larger cryptocurrency market has impacted numerous altcoins, including $SHIB.
There has been less demand for riskier cryptocurrencies like Shiba Inu as a result of investors’ cautious market attitude and attention on safer assets.
Additionally, investor interest may have declined as a result of the absence of noteworthy updates or advancements in the Shiba Inu ecosystem. The price decline has also been exacerbated by generally negative market conditions and decreased trade volumes.
Furthermore, Shiba Inu’s market position has been weakened by growing competition from other meme currencies and DeFi projects, which has had an impact on its pricing performance. All of these elements have contributed to $SHIB’s ongoing downward trajectory.
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Shiba Inu Fear and Green Index Shows Bearish Turn: Will Price Fall Further?
The present sentiment for $SHIBA Inu price is bearish, according to market technical indicators, and the Fear & Greed Index is at 16 (Extreme Fear).
Over the previous 30 days, Shiba Inu had 13/30 (43%) green days and 7.81% price volatility. With four technical analysis indicators indicating optimistic signs and twenty-six indicating bearish signals, the overall sentiment of Shiba Inu price prediction is pessimistic.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The SHIB market is in a neutral position at the moment, as indicated by the RSI reading of 37.16.
Shiba Inu Investor Confidence Sees Cautious Stance
With most market indicators showing a rather bearish stance, many investors are taking a very cautious stance while investing in $SHIBA.
In the near future, a number of things will impact Shiba Inu’s price movement. Since cryptocurrencies like $SHIB are frequently impacted by broader market trends, one of the most important of them is the general sentiment of the cryptocurrency market.
Investor confidence will also be greatly influenced by developments inside the Shiba Inu ecosystem, such as improvements to its decentralized exchange (ShibaSwap) or the incorporation of new use cases.
Its value could also be increased by establishing new alliances, involving the community, and ensuring the success of any ventures using Shiba Inu. Lastly, the macroeconomic environment and regulatory changes will have a big impact on how much $SHIB will cost in the future.
Also Read: UAE Ministry Partners With Shiba Inu For Web3-Powered Government Services, $SHIB Climbs 5%