Over the past day, bears have been firmly in control of the Shiba Inu (SHIB) market, with the price fluctuating between an intraday high of $0.00001113 and a low of $0.000009903 – the lowest price in the last seven days.
At present, the market remains under the bearish spell, with SHIB’s price hovering around the $0.00001008 mark, indicating a 9.16% dip in the last 24 hours. However, there is a slim possibility of a bullish reversal if buying pressure increases.
The current market conditions are reflected in a 9.09% drop in market capitalization to $5,531,589,228 and a 4.48% decline in 24-hour trading volume to $421,143,975. These figures demonstrate investor apprehension and vigilance as they closely monitor the SHIB market and wait for indications of recovery before making significant investments.
As per CoinMarketCap’s SHIB/USD 24-hour price chart, the blue MACD line has slipped below its signal line and into the negative region, recording -0.00000026, signifying bearish sentiments in the SHIB market. This move suggests that the momentum is presently in favor of sellers, and the price may continue to decrease further.
The bearish outlook is expected to persist as the histogram develops larger bars and enters negative territory, indicating that investors are increasingly selling off their SHIB holdings. Unless there is a significant shift in market sentiment or a positive development in the SHIB ecosystem, this bearish trend may continue.
The stochastic RSI, with a reading of 6.42 and pointing south, confirms the bearish outlook for SHIB and implies that selling pressure may continue in the short term. However, since it’s in the oversold zone, traders may anticipate a reversal, as this movement may signal the end of the bear era.
Aroon up, at 28.57%, and Aroon down, at 92.86%, lend support to the bearish view in the SHIB market, indicating a strongly bearish trend. These readings imply that the prices may continue to decline soon unless there is a significant change in market sentiment or a positive catalyst that could drive demand for SHIB.
For bullish momentum to gain traction again, the Aroon up must first cross above the Aroon down and remain above it for an extended period.
According to TradingView’s SHIB/USD chart, a Chaikin Money Flow (CMF) reading of -0.24 and a downward trend indicate the current market condition favors sellers. This shift suggests that traders are liquidating their positions, and the market may continue to fall soon as capital is leaving the market faster than it is coming in.
However, if the CMF reading rises into positive territory, it could signal a pick-up in buying pressure and lend credence to the bulls’ positive trajectory. While bearish dominance persists as the SHIB market dips, oversold conditions may suggest a potential reversal for traders.
Disclaimer: This price prediction is published in good faith, with the views, opinions, and information shared for educational purposes only. Readers must conduct their research and due diligence before taking any action. Coin Edition and its affiliates will not be held responsible for any direct or indirect damages or losses incurred.
