The Shiba Inu enters a vital position
Last week, Shiba Inu (SHIB) caused a stir by making many traders rich. Today, however, the news is more about losing money. SHIB’s technical indicators are showing a worrying trend after it suffered a decline last night.
The price of the little dog coin is trying to stay above $0.00002476, a support that absolutely must be maintained to avoid a fall to $0.000020. However, the signals are not good. With a daily volume of $478 million and declining network activity, SHIB does not attract as much liquidity as other top tier coins.
U.Today also notes that the Shiba Inu broke its bullish pattern with the recent fall, indicating a possible continuation of the downtrend.
In the past two weeks, over 4 trillion SHIB tokens worth over $103 million have been stored on various crypto platforms. As our analyst Ali points out, this major move could indicate that investors could be preparing for a major sell-off.
All is not lost for investors
Despite these negative signals, it’s not all doom and gloom for Shiba Inu investors. Meme coins continue to enjoy some success, and according to Finbold, most are showing signs of overvaluation. This could present an opportunity for short selling, as indicated by increased open interest and high funding rates.
To go further: what factors can affect the price of SHIB?
A relapse is an opportunity to fill your pockets before the explosion! All the more so the latest unexpected surge in meme coin GME could also have a positive impact on SHIB. As for the parabolic bounce Bitcoin seems poised for, it could take the dog coin to $0.001 in the future.
Moral of the story: in the desert, a Shiba Inu can always find an oasis.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.