Shiba Inu Token Plummets 45% to Annual Low: Buy or Deny?

Shiba Inu (SHIB) price has recorded a nearly 48% drop, reaching a 52-week low price.
Shiba Inu Token Plummets 45% to Annual Low: Buy or Deny?

The Shiba Inu Token finally joined the memecoin hype and took it to a whole new level – or did it? The doggo inspired token has recently gained significant attention in the world of digital currencies for all the wrong reasons as the selling pressure dominated $SHIB leading to a heavy downward spiral. It has suffered a 45% loss in value over the past 4 months due to market sellers dumping it.

Despite the ongoing bearish trend, there are still many investors who believe in the potential of the Shiba Inu token. And a few days ago, according to IntoTheBlock data, a large whale bought more than 10.25 trillion $SHIB tokens. 

SHIB is on a path to reaching a 52-week low 

SHIB/TetherUS Price Analysis
Source: Tradingview

Shiba Inu’s price is currently moving at 0.000008861, with a 1.8% overnight drop. Due to seller congestion, the weekly chart shows an exceedingly bad scenario for the second largest memecoin in the crypto sector. 

SHIB’s price has dropped 12.2% in just two days this week. There is no potential support until it reaches its 52-week low. Buyers may see a trend reversal in the demand range of $0.00000800 to $0.0000754. 

On the weekly time frame, the Money Flow Index (MFI) declined to the 40 level (long-term support). As of now, it remains at the level of 30, suggesting a sharp reduction in money flows from the market.

RSI reached in Oversold Zone; trend reversal?

image 104
Source: Tradingview

Shiba Inu’s price is currently exceedingly weak, trading significantly below the essential simple moving averages such as 20,50,100, and 200.

After reviewing the current RSI trend, buyers can take a big breath. After a long time span, the RSI peak is now moving into the highly oversold zone. As a result, buyers may see a trend reversal soon if the RSI peak bounces back.

Also Read: Is Pepe Coin’s decline near? Market cap plunges under $1B

Related Posts