Shiba Inu, the long-standing rival of Dogecoin (DOGE), has been experiencing a continuous decline in its price value. The upcoming weeks will be crucial for this memecoin as indicators suggest a sideways trend at the moment.
Shiba Inu, the second most valuable memecoin based on market cap, has suffered significant losses in the past 48 hours. However, long-term predictions still remain largely positive.
As the week comes to a close, the entire cryptocurrency market is facing a major downturn, resulting in notable liquidations of assets. The altcoin market, in particular, is highly volatile, with Shiba Inu losing 5% of its previous gains.
Currently, Shiba Inu is trading at $0.000009608. Technical chart patterns indicate a decrease in trading volume, which has dropped by 22.80% at the time of this report. Additionally, 7-day and hourly losses are on the rise. If bearish sentiments continue to dominate the market, prices could potentially drop even further in the upcoming weeks. However, indicators suggest that the market could maintain a sideways trajectory.
According to the technical chart, SHIB has broken out from a descending resistance formation, although it is currently trading at the lower end of the ascending trend line over the past 7 days.
While the asset is approaching the minor support area at $0.0000092, the recent decline in the Relative Strength Index (RSI) below 50 strengthens bearish sentiments. A break below the mentioned support area could impact future price movements.
What can we expect from Shiba Inu in the coming days? A break above the $0.0000092 support level could trigger a 33% price increase, pushing the asset towards the $0.0000125 resistance line. On the other hand, a break below this level could result in a 16% decline.
Meanwhile, Shiba Inu’s long-term rival, Dogecoin, is outperforming the asset. While Shiba Inu currently holds the 17th position in terms of value, Dogecoin sits comfortably at the 11th spot. Despite the overall market loss, Doge bulls seem to have the upper hand. With monthly and daily gains exceeding 10%, Doge is expected to continue its upward trend and is currently trading at $0.08.
In the last 24 hours, the broader crypto market has declined by 2.72% according to our data. The total market cap value now stands at $1.93 trillion. To provide some context, the top 20 assets, including Bitcoin, are currently trading in the red zone.
Market observers have shed light on the current situation, with some suggesting that the bear trend is merely a temporary “shake-off” that will be followed by an upward correction. As one altcoin proponent explained, there is a bit of bleeding in the altcoin market, but this presents an opportunity to get in before the market takes off. Money is slowly starting to flow into Ethereum (ETH), and it will eventually find its way into the altcoin market as well. Patience is key until then.
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