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Shiba Inu’s (SHIB) price nearly reached yearly lows during the recent market crash. In contrast, the market saw a rise with Bitcoin’s (BTC) recovery. However, recent analyses indicate a potential further decline for SHIB in the coming days.
Shiba Inu’s Price Chart Looks Unfavorable
Shiba Inu recently broke down from a rare falling wedge formation, indicating significant downward pressure. Despite a short-term recovery, SHIB’s price movements show signs of weakness, with a potential 16% drop from its current price.
The current trend for SHIB’s price is downward. The price continues to fall within a descending channel, showing strong downward momentum. On August 3, the price broke down from the falling wedge formation, typically a sign of potential bullish reversal.
Shiba Inu appears to have found support around $0.000012, and if the price falls below this level, the next stronger support level is at $0.00001. On the other hand, the 50-day ($0.00001425) and 200-day ($0.00001628) Exponential Moving Averages (EMA) are significant resistance levels.
If SHIB’s price fails to re-enter the falling wedge formation, it could drop 16% to the six-month low of $0.00001082. Conversely, if the price surpasses $0.00001344, it could re-enter the falling wedge formation and show a bullish trend. A breakout above the 50 EMA could initiate a rise towards $0.00001625 and $0.000018 levels above the falling wedge formation.
What Do Technical Indicators Say for SHIB?
Relative Strength Index (RSI) is at 47.61, approaching the neutral zone, indicating the asset is neither overbought nor oversold. The Chaikin Money Flow (CMF) indicator is at 0.03, suggesting a slight positive money flow, which could be an early sign of buying interest.
During the recent minor upward movement, volume consistently decreased, showing some bearish volume-price divergences. This signals that the downtrend may continue unless there is a significant breakout.
Coinalyze data shows that Open Interest (OI) for SHIB dropped by 4.54% in the last 24 hours, indicating an outflow of money from the Shiba Inu market. This suggests that the recent minor upward trend has ended, and the bearish trend continues.
