Shiba Inu Price: SHIB Falls 5% and Trading Volume Drops to $100 Million – What's Going On?
The Shiba Inu price has dropped by as much as 5% today, with its dip to $0.00000756 now representing a loss of 3% in the past 24 hours.
SHIB actually remains up by 5% in a week and by 11% in a fortnight, although the meme token has actually fallen by 14% in the past 30 days and by 6.5% since the beginning of the year (in contrast to most major tokens, which have gained since the New year).
Despite this, SHIB's gains in the past couple of weeks point to a cryptocurrency that may be in the middle of a medium-term recovery, with its fall today potentially being only a mini-correction en route to more sustained gains.
And with Shibarium on its way soon and Shiba Inu developers unveiling the Shibacals NFT series recently, there is reason to think that SHIB will be considerably higher by the time 2023 ends.
SHIB's dip today comes as its indicators lose further momentum, yet they're also in a position where further losses are possible before the coin becomes oversold.
For one, its 30-day moving average (yellow) has begun sliding down towards its 200-day (blue), with a death cross tending to predict more losses to come.
Similarly, SHIB's relative strength index (purple) continues to slip after climbing as high as 80 on 22 June, with its current position at 40 leaving room for a dive towards 20.
On top of this, SHIB's trading volume also remains pretty low, at around $100 million.
Such low volume is consistent with additional price falls, and even if SHIB's support level (green) is higher now than it was a week ago, there's a good chance that the meme token may fall a little further before it begins rising again.
As such, don't be surprised if SHIB goes as low as $0.0000070 in the next few days, although it shouldn't fall much lower.
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