Shiba Inu is under increasing selling pressure and risks losing significant value in the coming days.
Current Market Situation for Shiba Inu
As of now, the price of Shiba Inu is $0.0000111, having decreased by 2.9% on June 21. During this period, trading volume surged by 49%, reaching $129 million, indicating strengthening sell-side pressure, according to analysts. SHIB has been trading within a support zone at $0.0000113 for several months, but the formation of a descending triangle raises concerns about a potential sharp decline.
Technical Indicators of SHIB
The current price of Shiba Inu is 54% below the 50-day Simple Moving Average, which stands at $0.0000169. This position enhances the bearish momentum surrounding the token. The Relative Strength Index (RSI) stands at 39, indicating continued selling pressure and low buyer interest.
Issues with the Shibarium Network
The total value locked (TVL) in the Shibarium network has significantly declined, falling from $3.14 million to $1.89 million in a short timeframe. This drop negatively impacts SHIB price prospects. Additionally, SHIB funding rates have decreased to their lowest in almost a month, indicating a growing number of traders taking short positions.
Given the current technical and fundamental indicators, Shiba Inu is at risk of a 50% price drop if the support does not hold.
