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Shiba Inu Price Prediction as Meme Coin Market Cap Drops First Since March
The Shiba Inu price fell 8% today to $0.0000216 while the crypto market fell 4.5% in 24 hours.
SHIB has plummeted 24% in a week and 16% in 30 days, whereas the meme token has gained 85% in a year.
At a time when the meme token market has witnessed its first substantial cap decrease since March, SHIB and Dogecoin have suffered.
However, certain meme currencies, notably presale tokens, are defying the trend and demonstrating growth.
SHIB is in a medium-term decline, with poor indications and no prospects of recovery.
After recovering somewhat to 60 yesterday, its relative strength index (purple) has fallen again in 24 hours.
SHIB's 30-day moving average (orange) is continuing falling, while being far below its 200-day average (blue), indicating oversold territory.
The market may take a few days to recover, but SHIB's $1 billion trading volume suggests market interest.
For present, its resistance (red) and support (green) levels point downwards, so traders must be patient.
With at least one whale producing intriguing material in the previous week, it may return to growth shortly.
Smart money predicts SHIB to rebound soon, with the market likely to support it recover if enthusiasm returns.
With miners losing 50% of their revenue, the Bitcoin halving might have a major impact on prices, but miners may sell out to cope.
This might hurt SHIB and other currencies in the near and medium term, but Bitcoin ETF volumes and interest rates will stabilize, boosting the market throughout the year.
Shiba Inu is one of the strongest meme tokens fundamentally, thus rallies will enhance its price.
In a few months, it might hit $0.00004, then $0.00006 by year's end.
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