- The long-standing Dogecoin (DOGE) rival Shiba Inu, is recording a continuous decrease in price value.
- The coming weeks are crucial for the memecoin, as indicators highlight a sideways trend at this time.
Shiba Inu, the second most valued memecoin by market cap, has experienced significant losses over the past 48 hours, but the long-term predictions are still largely positive.
As the week comes to an end, the entire cryptocurrency market is experiencing a massive downturn as assets record notable liquidations. The altcoin market is especially volatile, with assets like Shiba Inu losing 5% of its previously attained gains.
At report time, Shiba Inu was trading at $0.000009608. The technical chart patterns spotlight a decline in trading volume, which was down by 22.80% at press time. Similarly, 7-day losses and hourly losses are increasing. Should Shib bears continue to dominate the market, prices could go even lower in the coming weeks. However, indicators reflect that the market could continue on a sideways trajectory.
As the technical chart depicted, SHIB broke out from a descending resistance formation, although it currently trades at the lower end of the ascending trend line over the past 7 days.
While the asset is close to the minor support area at $0.0000092, the recent RSI decline below 50 strengthens bearish sentiments. A break below the aforementioned support area could influence future price movement.
What to expect from Shib in the coming days
A break above the $0.0000092 support level could trigger a 33% price increase, and push the asset to the $0.0000125 resistance line, a break below it could result in a 16% decline.
Meanwhile, Shiba Inu’s long-term rival Dogecoin is outperforming the asset. While Shib currently holds the position of the 17th most valued asset, Dogecoin sits in the 11th spot. Doge bulls seem to have the upper hand despite the collective loss recorded in the market. With monthly and daily gains going up above 10%, Doge is poised to continue in an uptrend and currently trades for $0.08.
Over the last day, the broader crypto market has declined by 2.72% according to our data. Total market cap value now totals at $1.93 trillion. For more context, the top 20 assets, including Bitcoin, are trading in the red zone.
Market observers have shed light on the current situation, with some insisting that the bear trend is just a temporary “shake-off” that will be preceded by an upward correction.
As one altcoin proponent explained;
Bit of bleeding in the altcoin market, providing all the more opportunity to get in before the trains leave the station. Money is slowly starting to flow into ETH, and it will make its way into the altcoin market too. Patience is the name of the game until then.
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