The popular memecoin, Shiba Inu (SHIB), has reached its lowest point in seven months following a sharp decline over the past week. However, in the last 24 hours, it has risen by over 5%, reaching $0.00001213. Despite losing 23.79% of its value in the past month, this short-term rebound has rekindled investor interest. Market data suggests that buyers are taking positions at these lows, signaling a return of positive investor sentiment.
Market Dynamics Surrounding Shiba Inu
The weighted investor sentiment data for Shiba Inu has shifted to positive after a three-day negative trend. This change indicates that investors view the low prices as an opportunity, leading to increased buying pressure.
Data provided by Coinglass reveals that the net flow of SHIB entering exchanges is lower than the outflow, with a net flow of -60,084 SHIB. This negative net flow indicates that investors prefer to withdraw their coins from exchanges for long-term holding.
Future Predictions and Possible Scenarios for SHIB Coin
The Relative Strength Index (RSI) for SHIB shows a bullish signal on the four-hour time frame, suggesting that buying momentum is strengthening. If current conditions persist, there is a possibility that the memecoin could test the $0.000013 level. However, achieving this target requires breaking through a descending triangle formation.
Short-term risks include the potential exhaustion of buyer energy, which could lead to a pullback to $0.0000115. Market participants are closely monitoring the price movements of Bitcoin (BTC) 
$85,020 and the demand for memecoins to assess Shiba Inu’s trajectory.
