- Twitter hype fades as withdrawals rise in Shiba Inu
- SHIB prices retraced to $0.000008637, a 5.46 % dip, during the downturn.
- The meme coin faces resistance at an intraday high of $0.000009099.
As the Twitter hype quickly subsides, the majority of investors have pulled their profits out of Shiba Inu (SHIB), which has caused a significant decline in price. SHIB prices hit a new low after retracing by 5.46% in the last 24 hours, valuing it at $0.0000863.
The slide in market capitalization from 4.73% to $4,733,431,919 and the rise in selling pressure indicated by the volume increase of 96.85% to $184,262,378 in the 24-hour trading volume furnish support for this bearish pattern.
SHIB/USD 24-hour price chart (Source: CoinMarketCap)
Keltner Channel bands on the 4-hour price chart are trending southward, supporting this downturn. This pattern is shown by the upper band touching 0.00000933 and the lower band touching 0.00000858. The SHIB price swing toward the lower band also projects this bearish trend.
In the event that bulls do not step in, bear dominance in the SHIB market is anticipated to continue as the Relative Strength Index (RSI) currently stands at 30.16 and is edging closer to the oversold region.
A bullish reversal may be possible given that the StochRSI reading of 3.18 in the oversold region indicates that the current trend is about to come to an end. This reading provides some clarity for investors.
SHIB/USD 4-hour price chart (source: CoinMarketCap)
The Coppock Curve’s southerly trend and the Elder Force Index (EFI) reading in the negative region, have a reading of -40.297 and both support this decline.
This unfounded assumption regarding the SHIB market is supported by the Chaikin Money Flow (CMF), which is close to the “0” level and points south.
SHIB/USD 4-hour price chart (source: CoinMarketCap)
Bulls need to hold the resistance level and drive prices higher to reverse the present downward trend on the charts.
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