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

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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.

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