Shiba Inu Price Drops 22%. Can it break the trend?
The 22% drop in Shiba Inu’s price over the last 24 hours results from bearish investors and similar market conditions. Signs of SHIB holder’s negative sentiment became evident following the shift in funding rate.
The funding rate indicates that SHIB investors have been anticipating a decline, with their expectations aligning with the recent drop in price. Their concerns about a downturn were realized as soon as the price turned red.
The Chaikin Money Flow (CMF) further illustrates that Shiba Inu investors have been actively withdrawing their investments. This trend of significant outflows highlights growing caution or dissatisfaction among the investor base.
Shiba Inu’s price at $0.00001105 fell below the support of $0.00001141, leaving the altcoin vulnerable to falling to the support of $0.00000898. This level has prevented further decline in the past, and SHIB could bounce back from it.
To recover and break the downtrend line, the meme coin must first turn $0.00001473 into support. Given the current challenges, this could be difficult, and SHIB might consolidate below this level.
On the other hand, if SHIB investors change their stance and turn bullish again, recovery is possible. Breaching the downtrend line would invalidate the bearish thesis and help reclaim lost profits.
