Shiba Inu Coin (SHIB) price has been in a tailspin for the past couple of months. The price is currently consolidating below a major support level. The latest analysis reveals that SHIB price has dropped to the lowest level since September 2022. This suggests that investor interest in the top meme coin is dwindling.
Shiba Inu coin price also failed to gain any traction in the recent meme coin season, which started in April and ended in May of this year. This shows that crypto enthusiasts are more interested in the new memecoins than the old ones. On Monday, SHIB price turned red once again as it plummeted 0.18%. The negative price action comes on a day when BTC price surged 4%.
Will SHIB Price Recover?
The meme coin season that started in April 2023, now appears to have finally ended. Most of this meme coin mania started with the popularity of PEPE coin, which was launched in April 2023. The popular meme coin eventually got listed on Binance, which took the hype to its peak.
According to the latest news, Shiba Inu is trading more than 91% below its 2021 all-time high. Consequently, the 2nd biggest memecoin’s market capitalization has dropped to $4.2 billion. The rise of the meme coins like PEPE is one of the reasons behind plummeting Shiba Inu coin price as the money only poured into the new coins in 2023.
Shiba Inu Coin Price Maintains Bearish Outlook
Technical analysis shows that SHIB price has become bearish as it broke below $0.000000779 support. The retest of this support level was quite accurately predicted in my last SHIB forecast. After breaking this support, the price tagged the September 2022 lows and is now recovering.
While the Relative Strength Index (RSI) and the Money Flow Index (MFI) are both showing oversold market conditions, there’s still the probability of more downside. If the popular dogcoin doesn’t break above the $0.000000779 resistance level, it may retest $0.0000000500 level once again in the coming weeks.
In the meantime, I’ll keep sharing updated SHIB coin analysis and my personal crypto trades on Twitter where you are welcome to follow me.
