Shiba Inu $SHIB 's price performance is the worst among meme coins this month. It may take some time for Shiba Inu holders to recover, as current market conditions do not support a positive outcome. To get an advertising service for crypto projects
Shiba Inu investors are backing down
The price of the Shiba $SHIB Eno is facing significant pressure from bears as the memecoin fell to a three-month low. With this decline, selling pressure on SHIB investors continues to rise, as seen in the decline in the Chaikin Funds Flow Index.
This indicator, which measures the collection and distribution of a cryptocurrency, is currently below the neutral line. This highlights growing negative sentiment among investors.
In addition to the Chaikin Money Flow Index, the Shiba Inu's open interest has decreased significantly. Open interest represents the total number of derivative contracts outstanding and is a key metric for measuring market sentiment and potential future price movements.
Over the past week, SHIB's open interest has fallen by more than 50%, from $73 million to $34 million. This significant decline shows a notable shift in investor behavior and confidence.
The sharp decline in open interest indicates that investors are withdrawing money from the Shiba Inu, largely due to the continued decline in prices. This withdrawal, in turn, reinforces the increasing selling pressure and negative outlook for the cryptocurrency.
$SHIB Price Forecast: The recovery will take some time
Shiba Inu price, which is trading at $0.00001799, is now below the critical support of $0.00002093. With investors withdrawing, the meme may now suffer the consequences of the decline.
The memecoin is likely to either remain below $0.00002093 or face a drop to $0.00001473. Either way, consolidation is likely to be the next move for SHIB price, with the recovery postponed.
This negative hypothesis will only be invalidated if buying pressure returns. So, this would push the price higher again, which could send it above $0.00002093. Another payment could turn $0.00002267 into support.
