Shiba Inu (SHIB)) has been going through a tough time and has seen a 40% drop in its value in the last 40 days and a 30% drop in the last 30 days. By June 23, SHIB’s price had dropped by 4% in the 24-hour period, with the token valued at $0.0000179. This sharp decline extended its weekly loss to 16%, and it was down 30% for the month.
Market Sentiment and Investor Behavior
Meanwhile, the overall market was able to bounce back on June 19, with BTC and ETH gaining a slight bounce, the meme coins such as SHIB and DOGE remained under pressure. Shiba Inu’s price has come under immense bearish pressure, from the beginning of the month it was trading at $0.000028 and dropped to its lowest in 100 days at $0.000017.
Experts have blamed the market’s fall on investors pulling their money out of meme coins. Although this is the case, there is evidence that this trend may be gradually changing.
From the observations made, traders are currently buying SHIB at its current low prices, which may signal the reversal of the bear trend soon. The market has contracted by 40% in the last 40 days which may mean that the prices are stabilizing and may be due for a rise.
Aggregate Exchange Order Data
Data from IntoTheBlock’s Aggregate Exchange Order Books shows that there is large accumulation in SHIB. Bulls have put in buy orders to acquire 5.2 trillion SHIB at an average price of $0.00018, which shows a market interest of around $77 million. On the other hand, there are only 4.5 trillion SHIB available in the trading markets such as Binance and Coinbase which results in an excess demand of 700 billion SHIB. This state of supply and demand could very well push the price of SHIB up.
Some analysts are now predicting that SHIB price will rise in the future. Javon Marks, an analyst, has come up with a projection that in the given situation Shib’s price may soar to $0.000020 soon. Therefore, according to Marks, a rather strong price rebound may occur, which could penetrate through the $0.000081 mark and climb as high as $0.0001553.
Backing this claim, Marks presented a graph that showed that SHIB has been on the rise since the previous breakout. This pullback might help SHIB to build up its base and may skyrocket to $0. 000081 target.
Investor Sentiment and Market Indicators
As it stands now, data reveals that SHIB is trading in a consolidation pattern that has a bullish trend on its chart. The meme coin has lost 12% in the past week but the support levels are being tested with a possibility of a breakout leading to a bull rally.
Some of the positive market signals include a rise in exchange outflows, an increase in supply outside the exchanges, and major purchases by top investors.
Furthermore, SHIB’s Relative Strength Index (RSI) is in the oversold territory, and the Chaikin Money Flow (CMF) has been rising, signifying that investors are keen. The Fear and Greed Index is at 36 % meaning that the market is currently in the fear zone which is usually followed by a price rise.
