Bitcoin price continues to stay below $26,800, and the rise fueled by the MtGox news has faded. While most cryptocurrencies experienced a rapid recovery after the Fed, we have seen gains being erased even faster. This situation has disrupted the rallies that many altcoin investors, including Shiba Coin investors, have been eagerly anticipating.
Shiba Coin Reviews
Rally hopes are diminishing for the second largest meme coin, which has experienced a 1.3% decline in the past seven days. The popular altcoin surpassed $0.00001 before the launch of Shibarium. This was significant news for a meme coin, and the expectations were that the price would go much higher.
However, Shiba Coin investors could not take advantage of this great opportunity due to the negative sentiment in the overall market, which persisted in August. After the mid-August launch, with the support of issues in the Shibarium network, the price began to move back to its previous position. The subsequent sales resulted in the loss of support levels.
Ultimately, we saw the price drop to $0.000007. Furthermore, interest in the Shibarium network is gradually declining. This suggests that the environment may become even more challenging for investors in the medium term. Weakness in new addresses, a decrease in active wallet count, and negative outlook in various metrics are concerning.
Shiba Coin Predictions
Nevertheless, there are still promising details. If the support at $0.000007 remains strong, confidence in the possibility of a recovery above $0.00001 may increase among investors. Additionally, if Shiba Coin trades at $0.00000728 and maintains its position above the lower ascending trend line, the risk of further decline in the search for the bottom of the bear market may significantly decrease.
A positive outlook from MACD and RSI indicates bullish dominance. However, these buying signals are not enough to reverse the trend without an increase in buyer momentum.
Possible upward movement may be limited around the 21-day Exponential Moving Average (EMA) level of $0.00000751. The next challenging resistance levels are at $0.00000817 and $0.00000886.
For now, the general market sentiment does not support a rise in Shiba style. If BTC loses $26,300 after $26,800, it will become even more difficult for altcoins.
