Shiba Inu Price Declines Once Again, What’s Coming Next?
With bulls and bears both having their share of dominance in the market, a few cryptos have declined, whereas a few have surged. On analyzing the global market cap, the decline is not drastic, as the value is around $2.64 Trillion. But the impact is higher in the case of meme coins like Shiba Inu, which has dropped 2.69% in the last 24 hours despite the bullish signals. The Shiba Inu price is now at $0.00002507 with a market capitalization of $14.77B.
This Shiba Inu price drop comes in connection with the US economy as the inflation rate is still above the Federal reserves target of 2%, creating instability in various markets. Additionally, the whales dumping the meme coin has initiated the buying pressure in this case. But will the drop continue, or are there any signs of recovery? Let us discuss that in this blog.
Will Shiba Inu Price Surge or Decline Next?
As per the technical indicators, the Shiba Inu price is in a neutral zone, having the share of both bulls and bears. The Relative Strength Index is at 50.6, a completely neutral zone, which means both the buyer and sellers are active in the market, maintaining the balance.
Moving Average Convergence Divergence is also in the neutral zone, confirming the same. Moreover, in the moving averages, around seven indicators hint at the buying demand of the investors, whereas five indicate the selling behaviors.
Based on these, the meme coin might be following the same trend it is going on with lower chances of a price rally today. But other than these technical indicators, a few events favor a rally.
As of yesterday’s data, Shiba Inu’s open interest rates have returned to the February high level, which is around $97 million, the highest level in months. The interest rate has declined heavily after reaching the peak of $136 million in March. The recovery indicates the investors rising interest in this meme coin, which is a testament to the upcoming price surge, the way it did during March when the interest rate was also high.
Additionally, the Shib burn rate is also surging these days. Just today, the burn rate has surged 123%, burning 10,770,842 $SHIB in the last 24 hours. With the reduction in the overall supply, SHOB tokens scarcity can be another push towards the surge.
Final Thoughts
Based on the technical analysis and investors’ sentiments, the probability of the Shiba Inu price rally is low. For now, the chances of consolidation are higher, and in a worst-case scenario, the drop can continue for some hours at least, if not days. The analyst’s predictions are also quite divided, where a few have claimed Shiba Inu Price to surge $0.00003 within this week and $0.00008766 by the end month. However, in contrast, the rest believe the sideways consolidation for the upcoming days. It has to see what Shiba Inu price charts exhibit next.
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