Shiba

Flow

bullish

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-faces-potential-further-decline-despite-market-recovery/" data-wpel-link="internal">Shiba Inu Faces Potential Further Decline Despite Market Recovery</a> 
Shiba Inu’s (SHIB) price nearly reached yearly lows during the recent <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> crash. In contrast, the market saw a rise with <a href="https://en.coin-turk.com/buffett-loses-to-bitcoin-in-investment-returns/" data-wpel-link="internal">Bitcoin</a>’s (BTC) recovery. However, recent analyses indicate a potential further decline for SHIB in the coming days. 
<h2 style="text-align: justify" id="strong-shiba-inu-s-price-chart-looks-unfavorable-strong">Shiba Inu’s Price Chart Looks Unfavorable</h2> 
Shiba Inu recently broke down from a rare falling wedge formation, indicating significant downward pressure. Despite a short-term recovery, SHIB’s price movements show signs of weakness, with a potential 16% drop from its current price. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-378021" src="https://coin-turk.com/wp-content/uploads/2024/08/Shiba-Inu-SHIB-Altcoin.jpeg" alt="" width="1280" height="538"> 
The current trend for SHIB’s price is downward. The price continues to fall within a descending channel, showing strong downward momentum. On August 3, the price broke down from the falling wedge formation, typically a sign of potential bullish reversal. 
Shiba Inu appears to have found support around $0.000012, and if the price falls below this level, the next stronger support level is at $0.00001. On the other hand, the 50-day ($0.00001425) and 200-day ($0.00001628) Exponential Moving Averages (EMA) are significant resistance levels. 
If SHIB’s price fails to re-enter the falling wedge formation, it could drop 16% to the six-month low of $0.00001082. Conversely, if the price surpasses $0.00001344, it could re-enter the falling wedge formation and show a bullish trend. A breakout above the 50 EMA could initiate a rise towards $0.00001625 and $0.000018 levels above the falling wedge formation. 
<h2 style="text-align: justify" id="strong-what-do-technical-indicators-say-for-shib-strong">What Do Technical Indicators Say for SHIB?</h2> 
Relative Strength Index (RSI) is at 47.61, approaching the neutral zone, indicating the asset is neither overbought nor oversold. The Chaikin Money Flow (CMF) indicator is at 0.03, suggesting a slight positive money flow, which could be an early sign of buying interest. 
During the recent minor upward movement, volume consistently decreased, showing some bearish volume-price divergences. This signals that the downtrend may continue unless there is a significant breakout. 
Coinalyze <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that Open Interest (OI) for SHIB dropped by 4.54% in the last 24 hours, indicating an outflow of money from the Shiba Inu market. This suggests that the recent minor upward trend has ended, and the bearish trend continues. 
<ul class="Summary"> 
 <li>Shiba Inu’s price nearly hit yearly lows during the market crash.</li> 
 <li>Despite Bitcoin’s recovery, SHIB may continue to decline.</li> 
 <li>Technical indicators show potential further downside for SHIB.</li> 
</ul> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-faces-potential-further-decline-despite-market-recovery/" data-wpel-link="internal">Shiba Inu Faces Potential Further Decline Despite Market Recovery</a></h5>
The post <a href="https://en.coin-turk.com/shiba-inu-faces-potential-further-decline-despite-market-recovery/" data-wpel-link="internal">Shiba Inu Faces Potential Further Decline Despite Market Recovery</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Shiba Inu Faces Potential Further Decline Despite Market Recovery

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