|

Investors are unhappy as the Shiba Inu price continues to decay

  • SHIBA has not produced any profitable returns since February.
  • Shiba Inu price points to a lack of bullish interest on the volume indicator.
  • Invalidation of the bearish thesis is a breach above $0.00001850.

Shiba Inu price could be deemed a crypto underperformer if market conditions persist. Continual diminishing returns are a probable outcome for the notorious meme coin.

Shiba Inu price shows a lack of bullish interest

]Shiba Inu price is looming with bearish sentiment as investors show no interest at the current $0.00001200 levels. The sideways action is forcing the popular meme coin into a stalemate, with long-term Shiba maximalists pulling the plug on re-investing more capital. Over three months, the underperformance has been documented since the SHIB price fell from the key $0.00004000 levels. Since the plummet, there has been no evidence to entice investors to allocate more Shiba coins to their portfolios.

Shiba Inu price provides further evidence of a lack of interest from key investors in the volume profile. The mundane pattern signals bulls will only be interested in the SHIB price once the current $0.00001200 support level is broken. If market conditions persist, the bears could potentially push the prices below the swing lows at $0.00000500. 

tm/shib/5/23/22

SHIB/USDT 12-Hour Chart

Invalidation of the unfortunate demise of the Shiba Inu price lies at $0.00001850. If the bulls can breach this level, then there is a chance the SHIB price will survive through the crypto bear market with bullish targets at $0.00003000, a 130% increase from the current Shiba Inu price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.