- SHIB’s value has fallen by around 10% in the past 24 hours.
- A significant bearish impact could see meme assets fall further.
Representative meme coin “Shiba Inu” [SHIB] Even after the ETF was approved, the stock price did not rise, falling nearly 10% in the past 24 hours.
according to CoinMarketCapAt the time of writing, the meme asset was trading at $0.000023.
SHIB expected to face further losses
Evaluating SHIB’s price movement on a three-day chart reveals that on May 18, it broke out of a symmetrical triangle with an uptrend.
However, the coin’s price hit a high of $0.000026 before falling 12%.
When an asset is trading within a symmetrical triangle, its price continues to reach various lower highs and higher lows. This indicates that the asset’s price is consolidating within a narrow range with buyers pushing the price higher to meet resistance and sellers pushing the price lower to find support.
The upward breakout of SHIB on May 18 was a rise above resistance. However, a 12% drop over the past two days has pushed the price back towards the lower line of the triangle, which forms support.
Source: TradingView
AMBCrypto’s reading of SHIB’s key technical indicators suggests that the downward trend may continue.
Firstly, Memecoin’s Chaikin Money Flow (CMF) is at -0.13 and continues to trend downwards at the time of writing. When an asset’s CMF is negative, it is a sign of increased liquidity outflows and is known to be a precursor to a price decline.
Supporting the above situation, SHIB’s Money Flow Index (MFI) is below the neutral point of 50 at 44.59, indicating that market participants are preferring to sell their coin holdings rather than accumulating new coins.
Additionally, at the time of writing, the dots on SHIB’s Parabolic SAR indicator are above price. This indicator signals potential trend direction and price reversal for SHIB.
Shiba Inu [SHIB] Price forecast 2024-2025
If the dotted line is above the asset price, the market is considered to be in a downtrend, which indicates that the asset price is falling and may continue to fall.
Source: TradingView
Nonetheless, SHIB futures traders continue to hold long positions. Coin Glass According to the data, SHIB futures funding rates remain positive as market participants are demanding more long positions than short positions.
