Shiba Inu Plummets 21%—Is This 2-Week Downtrend Just the Beginning?
Shiba Inu’s brutal sell-off shows no signs of slowing. The meme coin has shed 21% of its value—and the bleeding might not stop yet.
Here’s why traders are bracing for more pain.
### The Bearish Domino Effect
Two straight weeks of red candles. No bullish reversals in sight. Shiba Inu’s chart looks like a staircase to hell—and retail investors are still trying to catch the falling knife.
### Liquidity Evaporates as Whales Bail
Volume’s drying up faster than a puddle in the Sahara. Big players are quietly exiting while the ‘HODL’ crowd copes with hopium overdoses. Classic crypto.
### Bottom Fishing or Fool’s Errand?
Some see a discount. Others see a dead cat bounce waiting to happen. Either way, this dog won’t hunt until Bitcoin decides to play nice.
Memo to bagholders: maybe diversify beyond tokens named after dogs? Just a thought.
Shiba Inu Losses Monunt
The number of new addresses interacting with shiba inu has sharply declined, reflecting waning investor interest. In just two weeks, the number of new addresses fell by 44%, dropping from 2,059 to 1,171.
As investors retreat, so does the likelihood of SHIB gaining significant momentum. The decline in new addresses suggests that Shiba Inu is losing traction, making it harder for the altcoin to recover. Without fresh interest, the token may struggle to attract the demand needed to counteract its ongoing downtrend.
The broader market sentiment also appears to be impacting Shiba Inu. The Relative Strength Index (RSI), a technical indicator, is currently sitting in the bearish zone below the neutral mark at 50.0.
This highlights the lack of buying pressure and suggests that bearish conditions could persist. As such, Shiba Inu’s recovery seems bleak unless a shift in market conditions occurs. The weak RSI reflects the broader pessimism in the market, further pressuring SHIB’s price.
SHIB Price Drawdown Might Continue
Shiba Inu’s price has fallen 21% over the past two weeks, with the altcoin trading at $0.00001212. Despite the recent drop, SHIB remains under the downtrend line, showing little sign of a major rebound. The price is struggling to break past key resistance levels and faces challenges in reversing the trend.
If SHIB can hold the support level of $0.00001182, it may consolidate between $0.00001182 and $0.00001252. However, if the downtrend persists, SHIB could drop further to $0.00001141, threatening the continuation of its bearish momentum. This decline could erase more gains, further disappointing investors.
If the market sentiment shifts and Shiba Inu’s price manages to flip $0.00001252 into support, it could signal a potential recovery. A break above this level could allow SHIB to rise to $0.00001333, suggesting a reversal of the downtrend. However, this recovery depends heavily on external market factors and investor sentiment.
