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Shiba Inu Poised for Rebound as SHIB Hits 100-Day Low Amid Market Pressure

Shiba Inu's price hits 100-day low, analysts foresee potential rebound.

Mon, 24 Jun 2024, 09:41 am UTC

Shiba Inu ( SHIB) has seen a significant decline, hitting a 100-day low of $0.000017, but analysts suggest a potential price rebound as investors show renewed interest.

Shiba Inu Faces Steep Decline, but Analysts Suggest Bear Trend May Soon Reverse

According to SFC Today, Shiba Inu ( SHIB) has experienced a significant decline in value over the past 40 days, with a 40% decrease and a 30% decrease in the past 30 days. The value of SHIB decreased by 4% in the 24 hours, culminating on June 23, with token trading at $0.0000179. This steep decline increased its weekly loss to 16% and resulted in a 30% month-over-month decline.

Conversely, the meme currencies, including SHIB and DOGE, continued to experience pressure even though the overall market rebounded on June 19. BTC and ETH experienced a slight increase in value. The price of Shiba Inu has been subjected to significant bearish pressure, starting at $0.000028 at the beginning of the month and subsequently plummeting to its lowest point in 100 days at $0.000017.

Experts have attributed the market's decline to the withdrawal of funds from meme coins. Nevertheless, there is evidence that this trajectory may be gradually shifting.

Based on the observations, traders are presently purchasing SHIB at its current low prices, which may indicate that the bear trend is about to reverse. In the past 40 days, the market has contracted by 40%, suggesting that prices may be stabilizing and on the brink of a rise.

Significant SHIB Accumulations Signal Potential Price Surge Amid Excess Demand and Analyst Predictions

Data from IntoTheBlock's aggregate exchange order books indicate significant accumulations in SHIB. Bulls have submitted purchase orders to acquire 5.2 trillion SHIB at an average price of $0.00018, indicating a market interest of approximately $77 million. Conversely, the trading markets, including Binance and Coinbase, have a limited supply of 4.5 trillion SHIB, resulting in an excess demand of 700 billion SHIB. The current supply and demand conditions could increase the price of SHIB.

Some analysts predict that the price of SHIB will increase in the future. Analyst Javon Marks has predicted that Shib's price may shortly reach $0.000020 in the current situation. Therefore, Marks anticipates that a price rebound of considerable magnitude may transpire, potentially surpassing the $0.000081 threshold and ascending to $0.0001553.

Marks provided a graph demonstrating that SHIB has increased since the previous outbreak, substantiating this assertion. This pullback can foster the growth of SHIB's base and propel it to the $0—000081 target.

Shiba Inu Shows Bullish Potential Amid Consolidation, Increased Investor Interest, and Positive Market Signals

The data indicates that SHIB is trading in a consolidation pattern with a favorable trend on its chart. The meme coin has experienced a 12% decline in the past week; however, the support levels are currently being examined, and there is a potential for a breakout that could result in a bull rally.

Positive market signals include increased exchange outflows, increased supply outside the exchanges, and significant purchases by elite investors.

Furthermore, the Chaikin Money Flow (CMF) has been increasing, suggesting that investors are interested, and SHIB's Relative Strength Index (RSI) is currently in the oversold territory. The Fear and Greed Index is currently at 36%, indicating that the market is in the fear zone, typically followed by a price upward trend.

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