Bearish Signals Fill The Air
For SHIB, technical indicators typically used to judge market mood show flashing red. Currently sitting at 38 and 35 respectively are the Relative Strength Index (RSI) and Money Flow Index (MFI). Other signals point a less favourable picture, even while these numbers imply the asset might be oversold and ready for a rebound.
Since June last week, the Elder Ray Index—which gauges buyer strength against seller strength—has been firmly in negative territory, signifying a clear market dominated by bears.
Is The Howl Of The Crowd Fading?
Based on NewsBTC’s research, investor interest for the self-described “Dogecoin Killer” may also be declining. One major contributing reason to the price reduction could be this declining excitement.The initial rise to popularity of the meme coin mostly depended on social media buzz and movements driven by communities. But the might be losing some of its momentum as the general bitcoin market corrects and meme currencies come under further examination.
Although SHIB’s near outlook seems dark, a total collapse is not completely off the question. Market mood might set off a price comeback. Should bulls underline control and investor confidence returns,
SHIB might perhaps rise back to the $0.000024 level. Analysers caution, nonetheless, that this situation mostly depends on unanticipated market dynamics and a fresh surge of community support.
SHIB Price Forecast
With a projected value of by July 12, 2024, the current study of Shiba Inu (SHIB) shows a significant possible price increase of 226%. Nevertheless, the technical signals imply that the market is still negative even with this optimistic price projection.
Featured image from Reddit, chart from TradingView