Shiba Inu price is still moving towards lower targets. Therefore, traders should continue the trend until the override level is breached. You can access SHIB price analysis in this article.
Shiba Inu price continues its current downtrend
Looking at the Shiba Inu price’s Relative Strength Index, we see that the popular meme token is in the oversold region. Dive a little further into the indicator and you see that a market base has been formed at the 24th level, where SHIB price was trading at $0.00000628 in August 2021. Shiba Inu price is currently trading at $0.00000810. The bears are forming a bearish candle on the 4-day chart. Accordingly, the current value of the token is only 20% above the bottom level in August 2021. Also, an indecision candle persists in the third week of the June trading range. Therefore, Shiba Inu bulls have not yet made a strong move.
Over 80% of SHIB investors keep their tokens at a loss
Additionally, blockchain analytics firm IntoTheBlock has released profitability data for SHIB. According to the recent report, 80% of Shiba Inu investors keep their holdings at a loss. The current state of the token’s price is not surprising at all, as investors have not made any profits at all. If market conditions continue like this, a retest of August 2021 lows is likely.
If this happens, SHIB could gain 100 percent.
Shiba Inu price is now closer than ever to an all-time low. Accordingly, the meme token is trading only 45% above the low of $0.00000429. However, when it comes to the cryptocurrency market, it is also good to know that everything can change quickly. If current global economic conditions turn in favor of the cryptocurrency market, a bullish turn is highly likely. In such a scenario, the economic dynamics will turn in favor of cryptos, which will make SHIB and other altcoins rise.
However, a void for bearish in SHIB is possible with a breach above $0.00001080. If this bullish event occurs, Shiba traders will push the price as high as $0.00001700 at best. This price level represents a 100% increase from the current low market conditions.
The overall cryptocurrency market is also on the decline
As we have reported as Kriptokoin.com , macro factors are seen as the main reason for the collapse of the cryptocurrency market. Globally, inflation rates have skyrocketed. Inflation in the US has reached a 40-year high. As a result, central banks increased interest rates. This has caused investors to turn away from risky assets like crypto. However, the Russia-Ukraine war also affected the markets negatively. Within the crypto space, events such as the stETH crisis at Celsius and Three Arrows Capital and the collapse of Terra’s tokens have greatly shaken investor confidence.
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