The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Shiba Inu downturn resumes: Retail interest is diminishing as SHIB drops 60% in 4 weeks, according to data.

3 min reading

Following Shiba Inu's recent price fall, conflicting technical setups develop, with price targets as high as $0.0001.

Shiba Inu (SHIB) declined more on Nov. 24 as its allure among retail traders, who assisted it to surge by more than 535 per cent to a record high of $0.00008854 earlier this year, faded.
SHIB's price declined around 60% after hitting an all-time high on Oct. 28, indicating that traders have been proactively investing in Shiba Inu profits. This has led to a significant reduction in SHIB's benchmark instrument of SHIB/USDT volumes on Binance, reflecting a lack of retail interest.
As a result, SHIB's estimated market capitalization dropped to $21.30 billion from roughly $28.31 billion in just five days starting on Friday.
Google's keyword search data also indicated a downturn in interest in "Shiba Inu" markets, with its 12-month period score falling from a perfect 100 to 20, in sync with SHIB's 60% price correction.
The decreasing Google Trends for the search "Shiba Inu," according to Alex Krüger, an independent market analyst, is an indication that the token has peaked out, marking the start of its bear cycle.

Will there be more sell-off?

The most recent wave of selling in the SHIB market dropped its prices below a significant upward sloping support (the velvet trendline), indicating the possibility of more declines.
For example, as SHIB's price trended down, the levels described within the range of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided prospective entry and exit marks.
SHIB's recent price appears to have tested the 0.618 Fib line at $0.00003792 as an interim support level. SHIB's ability to retest the upward sloping trendline as an obstacle, which aligns with the 0.5 Fib line at $0.00004773, has increased following a comeback from the aforesaid price floor.
A move below $0.00003792, on the other side, may push SHIB's price to the 0.786 Fib line at $0.00002394. Using a weekly SHIB chart, market analyst IncomeSharks identified the area around $0.00002394 as a prospective "buy zone."

SHIB price bull flag setup

The occurrence of a prospective bull flag setup balances the sell-off fears in the SHIB market.
Since topping out at $0.00008854 on Oct. 28, SHIB's price has been drifting lower within a downward sloping channel. According to the data, the channel resembles a bull flag, a bullish continuation pattern that shows as a consolidation phase following a big run upward.
Traders generally set their upside goal at a length equal to the height of the prior upswing (referred to as a flagpole), expecting that the instrument will break above the flag range with stronger volumes.As a result, SHIB can surge by as much as $0.00005100, the height of its flagpole.
This sets the Shiba Inu token on track to reach $0.00010000.





Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.