Shiba

American Shib

2024

Shiba Inu

Coin

<p>The Dog-themed cryptocurrency, <strong>Shiba Inu (SHIB),</strong> continued to drop gains and stayed below the significant moving averages. It highlighted the underperformance for the past trading sessions.</p> 
<p>Traded inside a <strong>falling channel</strong>, the memecoin looked <strong>bearish </strong>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.</p> 
<p>Meanwhile, the memecoin made a <strong>hammer candlestick, consolidated</strong> throughout the week, and witnessed a lack of investor interest.</p> 
<p>If the cluster of $0.00002000 is not breached, significant buying traction could not be possible, and more downside might be seen.</p> 
<h2 class="wp-block-heading" id="h-shib-price-at-press-time-nbsp"><strong>SHIB Price At Press Time&nbsp;</strong></h2> 
<p>At press time, the <strong>SHIB price </strong>traded at $0.00001606&nbsp; 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.</p> 
<p>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 <strong>SHIB price</strong> may continue consolidating in the downside zone and could underperform ahead.</p> 
<h2 class="wp-block-heading" id="h-is-shib-anticipating-further-down-move-ahead-nbsp"><strong>Is SHIB Anticipating Further Down Move Ahead?&nbsp;</strong></h2> 
<p><strong>Shiba Inu (SHIB) price </strong>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.</p> 
<p>In the last few sessions, the memecoin delivered<a href="https://www.thecoinrepublic.com/2024/07/06/shiba-inu-shib-appears-oversold-is-a-recovery-imminent/"> <strong>selling pressure</strong></a><strong> </strong>and hovered below the mid-Bollinger band zone.</p> <iframe loading="lazy" title="Santiment Chart: Price (SHIB), Volume (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-oi-weighted-funding-rate"><strong>OI- Weighted Funding Rate</strong></h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcf3rEoMxDY1kNRiX5SfnoGbgMgBNblk07lDFtbhSMy_Ypov14z-XnakCQIvr_UqCuxJa9uLCi7rv15fKaw-bfEzCjmq6nktxaGe6iXg94BYNXYmNXfwv3UCGE8CSASK171MxafbGWBTroq-ZDXrCoootHq?key=yoMEcuBoufo3I77CLQnVWg" alt="SHIB">
 <figcaption class="wp-element-caption">
  OI- Weighted Funding Rate<strong> </strong>Source: Coinglass
 </figcaption>
</figure> 
<p>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 to push the memecoin further.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The American Shib <a href="https://twitter.com/search?q=%24SHIBA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIBA</a> is live on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a><br><br>As the Shib community is predominantly based in the US, meet the real OG. <br><br>Same marketer behind <a href="https://twitter.com/search?q=%24SHIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIN</a> ($12M) and <a href="https://twitter.com/search?q=%24SHEI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHEI</a> ($7M) is involved here.<br><br>LP locked and burned, 0% tax and Renounced.<br><br>CA: 0xEb15A54e462e1Ec239C09F1e6Aa322B45c8DA225… <a href="https://t.co/NGwI126Jzu">pic.twitter.com/NGwI126Jzu</a></p>— EST.eth (@galaksi2323) <a href="https://twitter.com/galaksi2323/status/1810057324171530267?ref_src=twsrc%5Etfw">July 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="h-weighted-sentiment-and-social-dominance-data-insights"><strong>Weighted Sentiment and Social Dominance Data Insights</strong></h2> 
<p>Amidst the price decline, investors have lost interest in the memecoin and may have shifted to performing assets, which has resulted in a decline in the weighted sentiment data.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (SHIB), Social Dominance (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bsocial_dominance_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>On the social front, the data remained flat and still in negative territory at the time of writing. It revealed the decline in investor activity on social media platforms.</p> 
<h2 class="wp-block-heading" id="h-network-growth-activity-remained-stable-nbsp"><strong>Network Growth Activity Remained Stable&nbsp;</strong></h2> 
<p>For the past few months, the network growth activity data has stayed stable in the negative region but highlighted a <strong>weak performance</strong> of the asset. It was noted that the new addresses had lost interest during the market selloff.</p> <iframe loading="lazy" title="Santiment Chart: Network Growth (SHIB), Velocity (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=shiba-inu&amp;pt=SHIB&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=network_growth%3Bvelocity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B" scrolling="no"></iframe> 
<p>Meanwhile, the velocity curve revealed a pullback, reflecting the increased trading frequency in SHIB in the last hours.&nbsp;</p> 
<p>Despite the significant dip, 48% of SHIB addresses remained in the profit. This data signifies that there is still room for profit booking if the sentiment remains bearish.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeomXpVDfCzOqA3v6AjNSAzHCfs0bGcWS_SRAz8zG3-7EXQr-8PDkDfbFsx10y-XjUb-Yh1lYNkyFtliVQCEZyozb9I3CykMNEfRQ9W1xbUCcr-ko19YA0NL-y3qqsvT3pjaSVpM4RZ8HwxzoRaPYQj1AfH?key=yoMEcuBoufo3I77CLQnVWg" alt="SHIB">
 <figcaption class="wp-element-caption">
  GIOM Indicator Data &nbsp; Source: IntoTheBlock
 </figcaption>
</figure> 
<p>The immediate support levels for the <strong>SHIB </strong>are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3.</p> 
<h3 class="wp-block-heading" id="h-could-shib-see-a-recovery-this-month"><strong>Could SHIB See a Recovery This Month?</strong></h3> 
<p>The <strong>SHIB token price </strong>failed to cross the 20-day EMA mark for the past sessions, highlighting the seller dominance. Until the bulls did not escape the $0.00002000 mark, the memecoin would continue to consolidate at the bottom.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/12/shib-price-struggles-to-keep-up-more-downside-incoming/">SHIB Price Struggles To Keep Up, More Downside Incoming?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

SHIB Price Struggles To Keep Up, More Downside Incoming?

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Thecoinrepublic.com

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