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.
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.
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.
