Shiba

Future

Family

Drops

Shiba Inu

<ul> 
 <li><strong>Shiba Inu (SHIB) has plummeted by 72% from its recent peak, now trading around $0.000016.</strong></li> 
 <li><strong>Market indicators suggest potential further declines, with key support and resistance levels identified.</strong></li> 
</ul>  
<h2 id="shiba-inu-faces-significant-price-correction-an-expert-analysis">Shiba Inu Faces Significant Price Correction: An Expert Analysis</h2> 
<p><a href="https://www.ethnews.com/dogecoin-doge-and-shiba-inu-shib-are-losing-their-appeal-as-traders-seek-out-tokens-with-utility/">Shiba Inu</a> (SHIB) has experienced a dramatic price correction, falling 72% from its recent peak of $0.000045 to approximately $0.000016. This notable drop raises critical questions about the cryptocurrency’s future and the market forces at play.</p> 
<h2 id="shiba-inu-price-analysis-shib">Shiba Inu Price Analysis (SHIB)</h2> 
<p><a href="https://www.ethnews.com/memecoin-rockets-here-are-3-meme-coins-to-rally-this-cycle-pepecoin-mpeppe-shiba-inu-shib/">Shiba Inu</a> experienced a meteoric rise, skyrocketing from $0.0000095 to $0.000045 in less than two weeks. This 390% increase was driven by high token burns and a surge in liquidity towards meme coins. However, the uptrend could not sustain, and SHIB’s price has since corrected to its current level around $0.000016.</p> 
<p>The recent drop has brought <a href="https://www.ethnews.com/shiba-inu-vs-mpepe-which-cryptocurrency-will-dominate-in-2024-mpeppe-euros-gambling/">SHIB</a> below both its 50-day and 200-day moving averages, casting doubt on its mid-to-long-term bullish outlook. Current technical indicators and oscillators suggest continued downward momentum, pointing to the next support level around $0.000011.</p> 
<h2 id="market-sentiment-and-derivatives">Market Sentiment and Derivatives</h2> 
<p>Open interest in SHIBUSDT contracts is at its lowest since February, indicating a decline in speculative interest. Liquidations have been minor, suggesting a healthy decline, though there has been some subtle liquidation of short positions following <a href="https://www.ethnews.com/is-shiba-inus-shib-popularity-waning-robinhoods-recent-transfer-sparks-speculation/">SHIB</a>’s latest rebound.</p> 
<p>Funding rates for SHIBUSDT are oscillating between positive and negative, showing a balanced interest between buyers and sellers. The three-month liquidation heatmap reveals that the liquidation zone above $0.016 has been breached without significantly impacting demand, which continues to drive <a href="https://www.ethnews.com/shiba-inu-faces-increased-scam-activity-essential-security-tips-for-investors/">SHIB</a>’s price downward.</p> 
<h2 id="potential-price-movements">Potential Price Movements</h2> 
<p>For <a href="https://www.ethnews.com/ethereum-price-prediction-savvy-investors-opt-for-recq-presale-ahead-of-peaked-shiba-inu/">SHIB</a> to regain upward momentum, it must hold above $0.000012. If it does, a return to $0.000019 could be anticipated, with the next resistance around $0.000020 to $0.000021. If SHIB rises above $0.000028, it would signify a 73% increase.</p> 
<p>Conversely, if <a href="https://www.ethnews.com/remembering-kabochan-the-real-life-shiba-inu-that-sparked-the-dogecoin-phenomenon/">SHIB</a> fails to stay above $0.000012, the price could drop to $0.000011, with further support at $0.0000096 and $0.0000086, representing a potential 47% decline.</p> 
<h2 id="conclusion">Conclusion</h2> 
<p>The recent fluctuations in <a href="https://www.ethnews.com/shiba-inu-surges-20-post-bitcoin-halving-can-shib-hit-0-0001/">Shiba Inu</a>‘s price highlight the importance of monitoring key support and resistance levels. While the long-term outlook might still hold promise, the short-term trend remains bearish. Investors should stay vigilant for potential market shifts and false breakouts that could impact SHIB’s trajectory.</p> 
<div class="cryptoboxes" id="mcw-12321" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SHI" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
<p>The post <a href="https://www.ethnews.com/shiba-inu-shib-drops-72-market-analysis-and-future-projections/">Shiba Inu (SHIB) Drops 72%: Market Analysis and Future Projections</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.</p>

Shiba Inu (SHIB) Drops 72%: Market Analysis and Future Projections

Table of Contents

ETHNews

Other articles published on Jul 10, 2024

Starknet staking will hit mainnet in Q4 — EthCC

Navigating the Bear Market: What is the Best Solana-based Meme Coin To Buy Now?

Floki Inu To Build Schools In India, FLOKI Price Seen Hitting $17

21Shares Updates S-1 for Spot Ethereum ETF Amid SEC Timeline Compliance

Bitcoin (BTC) and Ethereum (ETH) Statement from the President of the Central Bank of Italy!

Qubetics Whitelist Gains Investor Trust Amid Downturn, Turns Up the Heat on Optimism and Cardano

Join our free newsletter for daily crypto updates!