Shiba Inu (SHIB) Fell further on November 24 because its appeal among retail investors declined, and they helped it rise by more than 535%, reaching a record high of $0.00008854 earlier this year.
SHIB price After hitting the above-mentioned record high on October 28, it fell by nearly 60%, indicating that traders have been actively locking in their Shiba Inu profits. This further led to a sharp drop in the trading volume of SHIB’s benchmark tool SHIB/USDT on Binance, highlighting the weak retail interest.
In the process, the reported market value of SHIB tokens fell from approximately US$28.31 billion to US$21.30 billion in just five days starting on November 19th.
Google’s Keyword search data It also showed a decline in interest in the “Shiba Inu” market. Its 12-month time frame score dropped from a perfect 100 to 20, which is very consistent with the 60% price adjustment of SHIB.
Independent market analyst Alex Krüger Mention of declining Google trends Use the keyword “Shiba Inu” as a sign that the token has peaked, that is, the beginning of its bear market cycle.
Will there be more selling in the future?
The latest round of sales Shiba Inu Market Pushing its price below the critical upward sloping support level (the velvet trend line), triggering its potential for further declines.
For example, the level defined in the scope Fibonacci retracement chart, From the swing low of $0.00000614 to the swing high of $0.00008933, as the SHIB price trend goes lower, it provides potential entry and exit points, as shown in the following chart.
Therefore, the latest price of SHIB price seems to test the 0.618 Fib line, which is 0.00003792 USD as its temporary support level. The rebound from the above price bottom line increases the potential of SHIB to retest the upward sloping trend line as resistance, which coincides with the 0.5 Fib line at $0.00004773.
Conversely, a break below $0.00003792 may send the SHIB price to the 0.786 Fib line at $0.00002394. Market analyst Income Sharks also emphasized that the area near $0.00002394 is potential “Purchase area“Also refer to the weekly SHIB chart.
— IncomeSharks (@IncomeSharks) November 23, 2021
SHIB Price Bull Flag Setting
To offset concerns about the SHIB market sell-off is the occurrence of a potential bull flag setting.
In detail, since hitting $0.00008854 on October 28, the price of SHIB has been falling in a downward sloping channel.The channel more or less looks like a Bull flag, A bullish continuous indicator, a consolidation phase appears after a strong rise, as shown in the figure below
Usually, traders set the length of the upside target to the same length as the height of the previous uptrend (called the flagpole), and it is expected that the tool will break through the flagpole range with a higher volume. Therefore, SHIB may rise to 0.00005100 USD, which is the height of its flagpole.
This moves the Shiba Inu token towards 0.00010000 USD.
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