For a long time, the Shiba Inu (SHIB) investors have found no happiness as the price of SHIB has continued declining.
Investors are constantly faced with the downward movement of Shiba Inu. The second-largest meme coin has not been able to make it out of the red zone even after a long time.
Shiba Inu is Recording Huge Losses
The report shared by the cryptocurrency market tracker ‘CoinMarketCap’ shows exactly how the meme coin has been behaving in the past few days.
The data collected by CoinMarketCap shows that the price of SHIB has continued to decline on a daily basis. The daily losses SHIB is recording with its trading price and valuation are over 5%.
This is a huge upset for the community of a meme coin that was once among the top and largest cryptocurrencies in the entire industry.
Due to the constant dips and declines, the trading price of SHIB has fallen to a low of $0.000008641. With the constant declines being recorded, the market capitalization of SHIB has dipped to $4.7 billion.
There is Hope for SHIB
Given the recent performance of Shiba Inu, the majority of the investors have no hopes left for the meme coin.
As the meme coin has continued declining in value, the investors are no longer confident about its future. Amidst the bearish environment, there is some hope for the meme coin.
Although the investors have a negative future for SHIB in mind, the analysts have a different prediction to make about it.
As per the analysts, after the constant demise of SHIB’s value, the technical indicators have finally started pointing towards the bullish run.
There is now hope that the trading price of SHIB may start moving in the upward direction and the technical factors seem to be supporting that.
The RSI shows SHIB is Oversold
A few days back, the RSI for SHIB was moving in the bearish zone and it kept moving lower. However, now, the RSI has reached a point where it indicates that SHIB has been strongly oversold.
This means that the bears may soon give up selling SHIB on a larger scale and their spirits may start weakening. This may give an opening to the bulls to launch an all-out rally in favor of SHIB.
With the technical indicators pointing towards a bullish run, it is only a matter of time before the price of SHIB starts moving in the upward direction.
If the price of SHIB starts to move in the upward direction, more investors would run to add their contribution towards the rally.
This would eventually push the trading price of SHIB over $0.00001000 and then to higher resistance levels.