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Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

cointelegraph.com 24 November 2021 11:53, UTC
Reading time: ~2 m

Shiba Inu (SHIB) edged further down on Nov. 24 as its appeal among the army of retail traders, who helped it rally by more than 535% to a record high of $0.00008854 earlier this year, declined.

SHIB's price dropped by nearly 60% after establishing the said all-time high on Oct. 28, signaling that traders have been actively locking their Shiba Inu profits. That has further resulted in a substantial drop in SHIB's benchmark instrument SHIB/USDT's volumes on Binance, underscoring a weak retail interest.

In doing so, SHIB tokens' reported market capitalization slipped to $21.30 billion from around $28.31 billion in just five days beginning Nov. 19.

More selloff ahead?

The latest bout of selling in the Shiba Inu market pushed its prices below a critical upward sloping support (the velvet trendline), triggering its potential to undergo further declines.

For instance, the levels defined within the scope of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided potential entry and exit points as the SHIB price trended lower, as shown in the chart below.

Typically, traders place their upside target at length equal to the height of the previous uptrend (called Flagpole), anticipating that the instrument would break above the Flag range with higher volumes. As a result, SHIB has the potential to rally by as little as $0.00005100, its Flagpole's height.

That puts the Shiba Inu token en route toward $0.00010000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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