Shiba Inu (SHIB) Price Prediction: Breaching the Trend Line

Shiba Inu's (SHIB) price is being affected by rising bearish sentiment among its investors, which is evident in their behavior. If this skepticism intensifies further, the meme coin might find recovering from the five-month low difficult.

Shiba Inu's (SHIB) price is influenced by price movements determined by the rising bearish sentiment among its investors.

If this skepticism grows further, it may be difficult for the meme coin to recover from the five-month low.

Shiba Inu Investors Voted Downside

The 22% drop in Shiba Inu price in the last 24 hours is a result of bearish investors and similar market conditions. Signs of negative price expectations of SHIB holders emerged with the change in the financing rate.

The funding rate shows that SHIB investors are expecting a decline in line with the recent price drop. Their concerns about a decline were realized as soon as the price turned red.

Read more: How to Buy a Shiba Inu (SHIB) and Everything You Need to Know

Chaikin Money Flow (CMF) also shows Shiba Inu investors actively withdrawing. This trend with significant external flows reveals increasing caution or dissatisfaction among the investor base.

CMF highlighted the size of the withdrawals, showing that external flows had reached a two-month high. This high activity supports the significant shift in investor price expectations for SHIB.

The increase in outflows reflects a broader trend where investors are withdrawing from Shiba Inu. This is likely due to concerns about the performance of the token or broader market conditions reflected in the price.

SHIB Price Prediction: Breaking the Trend Line

Shiba Inu price traded at $0.00001105 dropped below the $0.00001141 support, leaving the altcoin open to a decline to the $0.00000898 support. This level has prevented further declines in the past and SHIB may bounce from here.

To break free and break the downtrend line, meme coin must first turn $0.00001473 into support. This may be difficult given the current challenges and SHIB may consolidate below this level.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

On the other hand, if SHIB investors change positions and start to rise again, recovery is possible. Breaking the downtrend line will invalidate the bearish thesis and help regain lost profits.

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