SHIB Price Struggles To Keep Up, More Downside Incoming?
The post SHIB Price Struggles To Keep Up, More Downside Incoming? appeared on BitcoinEthereumNews.com.
The Dog-themed cryptocurrency, Shiba Inu (SHIB), continued to drop gains and stayed below the significant moving averages. It highlighted the underperformance for the past trading sessions. Traded inside a falling channel, the memecoin looked bearish and failed to defy the selloff at press time. Amidst the price recovery, the buyers could not cross the 20-day EMA mark and faced rejection this week. Meanwhile, the memecoin made a hammer candlestick, consolidated throughout the week, and witnessed a lack of investor interest. If the cluster of $0.00002000 is not breached, significant buying traction could not be possible, and more downside might be seen. SHIB Price At Press Time At press time, the SHIB price traded at $0.00001606 with an intraday drop of 2.55%, reflecting bearishness on the charts. It has a monthly return ratio of -25.30% and 114.30% yearly, reflecting short-term profit booking. The pair of SHIB/BTC was at 0.000000000281 BTC, and the market cap was $9.46 billion at the time of writing. Analysts were bearish and suggested that the SHIB price may continue consolidating in the downside zone and could underperform ahead. Is SHIB Anticipating Further Down Move Ahead? Shiba Inu (SHIB) price traded with a bearish bias and continued to underperform, delivering the lower low swings. Since March, the memecoin has been in a severe distribution and has lost gains. In the last few sessions, the memecoin delivered selling pressure and hovered below the mid-Bollinger band zone. The Relative Strength Index (RSI) curve placed below the midline region signifies neutrality, while the MACD indicator showed a convergence of the MA line with the signal line. OI- Weighted Funding Rate OI- Weighted Funding Rate Source: Coinglass When writing, the funding rate plummeted to 0.0096, signifying the negative market dynamics shift. This negative value revealed that traders taking short positions were willing…
Filed under: News - @ July 12, 2024 4:22 pm