Shiba Inu Price Prediction as Technical Analysis Shows Downward Trend Since August 2022 – Is a Breakout Possible?
The Shiba Inu price has dropped by 5% in the past 24 hours, with its fall to $0.00000794 coming as the cryptocurrency market as a whole suffers a 2% loss today.
SHIB is now down by 6% in the past week, and while it remains up by 10% in the last 30 days, it has also declined by 3.5% in the past year.
This long-term decline suggests big problems for Shiba Inu, yet the altcoin has made concerted efforts in 2023 to provide itself with reality utility and become more than a meme token.
As such, further market-wide recovery is likely to resuscitate interest in SHIB, which could rally strongly in the New Year.
While the overall market has also fallen overnight, SHIB has suffered more than most other major tokens.
This is reflected in its indicators, which signal a notable loss of momentum.
For example, its RSI (purple) dived below 45 last night, and while it has begun rising back up again, it still remains below 50, suggesting sluggish buying pressure.
Likewise, its 30-day average (yellow) is now falling at a shallow gradient, signalling that buyers are leaving the coin and sellers arriving.
Still, its trading volume remains relatively high, at $250 million, so there may be enough ongoing activity to help support its price.
The reason for today’s damage is that Binance has settled various charges with the US Department of Justice for $4.3 billion, with Changpeng Zhao stepping down as CEO and paying his own fine.
Nearly a Billion has been withdrawn from #Binance since yesterday pic.twitter.com/uY5tubJiI1
— Crypto Tony (@CryptoTony__) November 22, 2023
This has hurt the vast majority of cryptocurrencies, yet it seems that more speculative tokens such as SHIB have carried the brunt of the impact.
But what’s particularly concerning for the
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