{"id":14039,"date":"2021-11-24T14:10:38","date_gmt":"2021-11-24T13:10:38","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14039"},"modified":"2021-11-24T14:10:48","modified_gmt":"2021-11-24T13:10:48","slug":"shiba-inus-downturn-continues-retail","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/shiba-inus-downturn-continues-retail\/","title":{"rendered":"Shiba Inu’s downturn continues: retail interest is dwindling, with SHIB down 60% in four weeks"},"content":{"rendered":"\n
Following Shiba Inu's recent price slide, conflicting technical setups emerge, with price targets as high as $0.0001<\/h5>\n\n\n\n
\"Shiba
Shiba Inu's downturn continues: retail interest is dwindling, with SHIB down 60% in four weeks<\/figcaption><\/figure>\n\n\n\n

SHIB price falls further<\/h2>\n\n\n\n

Shiba Inu (SHIB) fell further on Nov. 24 as its attractiveness among retail traders waned after it soared by more than 535 percent to a record high of $0.00008854 earlier this year.<\/p>\n\n\n\n

SHIB's price<\/a> fell over 60% after hitting an all-time high on Oct. 28, indicating that traders have been actively locking in Shiba Inu profits. This has also resulted in a significant reduction in SHIB's benchmark instrument of SHIB\/USDT volumes on Binance, indicating a lack of retail interest.<\/p>\n\n\n\n

As a result, SHIB's estimated market value fell from about $28.31 billion to $21.30 billion in just five days commencing on Friday.<\/p>\n\n\n\n

\"\"
SHIB\/USDT daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

Google's keyword search\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> data also revealed a decline in interest in the “Shiba Inu” markets, with its 12-month timeframe score dropping from a perfect 100 to 20, in keeping with SHIB's 60% price correction.<\/p>\n\n\n\n
\"\"

Internet searches for the keyword \u201cShiba Inu.\u201d Source: Google Trends<\/em><\/figcaption><\/figure>\n\n\n\n

The falling Google Trends for the search “Shiba Inu,” according to Alex Kr\u00fcger<\/use><\/svg><\/span><\/a>, an independent market expert, is an indication that the token has topped out \u2014 i.e., the beginning of its bear cycle.<\/p>\n\n\n\n

Will there be another sell-off? <\/h2>\n\n\n\n

The most recent wave of selling in the SHIB market<\/use><\/svg><\/span><\/a> dropped its prices below a significant upward sloping support (the velvet trendline), indicating the possibility of more drops.<\/p>\n\n\n\n

For example, as SHIB's price trended lower, the levels specified within the scope of the Fibonacci retracement graph<\/use><\/svg><\/span><\/a>, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, presented probable entry and exit opportunities, as seen in the chart below.<\/p>\n\n\n\n

SHIB's most recent price appears to have tested the 0.618 Fib line at $0.00003792 as an intermediate support level. SHIB's ability to retest the upward sloping trendline as resistance, which corresponds with the 0.5 Fib line at $0.00004773, has increased following a rebound from the aforementioned price floor.<\/p>\n\n\n\n

A move below $0.00003792, on the other hand, may push SHIB's price to the 0.786 Fib line at $0.00002394. Using a weekly SHIB chart, market analyst IncomeSharks identified the area around $0.00002394 as a probable “buy zone.”<\/p>\n\n\n\n

$SHIB<\/use><\/svg><\/span><\/a> – Think we see weekly supertrend support eventually touch. This is where I would look to get back in if I was to play this. pic.twitter.com\/nBmtfB77n6<\/use><\/svg><\/span><\/a>\u2014 IncomeSharks (@IncomeSharks) November 23, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

SHIB price bull flag formation <\/h2>\n\n\n\n

The occurrence of a probable bull flag<\/use><\/svg><\/span><\/a> setup offsets the sell-off fears in the SHIB market.<\/p>\n\n\n\n

Since peaking out at $0.00008854 on Oct. 28, SHIB's price has been drifting lower within a downward sloping channel. As demonstrated in the chart below, the channel resembles a bull flag, a bullish continuation indicator that appears as a consolidation phase following a big rise upward.<\/p>\n\n\n\n

Traders typically set their upside objective at a length equal to the height of the preceding upswing (referred to as a flagpole), hoping that the instrument will break above the flag range with stronger volumes. As a result, SHIB has the ability to rally by as much as $0.00005100, the height of its flagpole.<\/p>\n\n\n\n

This puts the Shiba Inu token on track to reach $0.00010000.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following Shiba Inu’s recent price slide, conflicting technical setups emerge, with price targets as high as $0.0001 SHIB price falls further Shiba Inu (SHIB) fell further on Nov. 24 as its attractiveness among retail traders waned after it soared by more than 535 percent to a record high of $0.00008854 earlier this year. SHIB’s price […]<\/p>\n","protected":false},"author":29,"featured_media":13916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5488],"class_list":["post-14039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-shib-shiba-inu-market-google-crypotocurrency"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/After-losing-50-in-three-weeks-SHIB-is-showing-signs-of-peaking.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14039"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13916"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}