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Shiba Inu (SHIB) Stock Price Could See a 20% Drop…Here’s Why

The downward trend in the Shiba Inu price is expected to continue (SHIB) beyond the current 30%, as memes lose the support they have gained over the past few weeks.

The likely result is a further 20% decline on the daily chart, but if SHIB rebounds from a crucial support level, it could recover.

Shiba Inu price continues to fall

Shiba Inu price is trading at $0.00002542 at the time of writing, after the meme coin failed to reclaim support at $0.00002800. This growing downtrend is due to broader bearish signals in the market caused by falling prices. Bitcoin.

Investors are likely to... SHIB By prolonging this decline not by doing something but by doing nothing. The lack of activity from Shiba Inu holders is a crucial reason for the lack of support for price action.

New investors are turning away from the world's second largest meme, as evidenced by the network's growth. This metric is used to measure the attractiveness of an asset and is essentially the speed at which new securities are created. A decrease of the same rate indicates that the Shiba Inu is losing its attractiveness with each passing day.

Growth of the Shiba Inu network.
Growth of the Shiba Inu network. Source: Feeling

Second, a significant portion of the supply has moved into the hands of short-term holders. These holders tend to hold their assets for less than a month, making them vulnerable to sudden sales. Over the past four days, more than 23 trillion Shiba Inu worth $582 million have moved into these wallets, raising the possibility of corrections due to profit-taking.

Shiba Inu Supply Distribution.
Distribution of Shiba Inu supplies. Source: In the block

SHIB Price Forecast: Another Day, Another Drop

At first glance, Shiba Inu price is likely to fall to $0.00002268, a level that has been tested as resistance and support in the past. But a much higher support level lies at $0.00002039, where this price coincides with the 100-day EMA.

The chances of the Shiba Inu price correction stopping at this level, which represents a 20% correction, will likely stop.

SHIB/USDT 1-day chart.
SHIB/USDT 1-day chart. Source: Trading View

On the other hand, the 100-day EMA can serve as a support level from which SHIB bounces. If the meme coin changes the direction the price is moving from this point, it may move back towards the resistance at $0.00002835. A break of this level could invalidate the bearish thesis.

Of confidence


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الأسواق,Shiba Inu,العملات الرقمية,العملات المشفرة