Shiba Inu (SHIB) Price Could Drop 45%, Analysts Warn
The Essential in Brief
According to current market analyses, the cryptocurrency Shiba Inu (SHIB) may be facing a price drop of up to 45%. This is based on various technical indicators and recent price developments. Despite a recent price increase of 38%, the analysis of on-chain metrics and technical data indicates that the upward trend may not be sustainable. What does this mean for investors and how should they react?
Technical Analysis of Shiba Inu
The technical analysis shows that SHIB continues to form lower highs and lower lows following a breakthrough from a price range. The Relative Strength Index (RSI) remains below the neutral 50 mark, indicating a continuous downward trend. The Directional Movement Index (DMI) confirms this view with a strong downward trend since mid-June. A further decline to the 100% mark of the Fibonacci retracement level or even below seems likely.
On-Chain Metrics Indicate Selling Pressure
The on-chain data provide further insights into the market dynamics of Shiba Inu. A decline in the average coin age in the last week of May indicates a distribution without a discernible trend towards accumulation. This signals ongoing selling pressure. Additionally, the dormant circulation showed an increase on July 6, which could be interpreted as an early warning sign for additional selling pressure. The number of daily active addresses remained stable compared to the previous month, providing no new impulses for an upward trend.
What Does This Mean for Investors?
Investors should closely monitor these developments and act cautiously. A potential price drop of up to 45% could have significant impacts on investments in Shiba Inu. It is important to consider both technical analyses and on-chain data in order to make informed decisions. Investors might consider securing their positions or adopting a wait-and-see attitude until clearer signals for market direction emerge.
Our Assessment
The analysis of technical indicators and on-chain data suggests a potential price decline for Shiba Inu. Given the current market uncertainties, we advise investors to be particularly vigilant and to consider possible risk management strategies. It is crucial to continuously monitor market developments and to react flexibly to changes. Ultimately, patience and a strategic approach may be key to navigating these volatile phases.
Sources: AMBCrypto, Santiment
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