Shiba Inu (SHIB) Price Signals Deeper Correction Ahead

Shiba Inu’s (SHIB) price lost a major support floor over the past 24 hours, which might trigger significant uncertainty in the market.

Investors already look ready to sell, and with the bearishness extending, further losses seem possible.

Shiba Inu Investors Lose Profits

Shiba Inu’s price has witnessed considerable drawdown in the past few days, bringing the meme coin to a multi-month low. As this happened, investors suffered, with many potentially losing their shot at profits. 

As visible in the Global In/Out of the Money (GIOM) indicator, about 66.75 trillion SHIB was bought between $0.00002100 and $0.00002500. This supply, worth $1.38 billion, would have turned profitable soon had SHIB remained consolidated.

However, as the meme coin broke below the consolidation zone, this possibility took a hit, as Shiba Inu’s price was currently at $0.00002084.

Substantiating this is the Relative Strength Index (RSI), which is currently in the bearish zone. The RSI is a momentum oscillator used to measure the speed and change of price movements. It ranges from 0 to 100, indicating overbought conditions above 70 and oversold conditions below 30.

The indicator is currently below the neutral mark at 50.0, with bearishness pushing it lower. As a result, the RSI is currently at October 2023’s levels, marking an eight-month low.

SHIB Price Prediction: Further Lows Likely

Shiba Inu’s price had been consolidated within $0.00002835 and $0.00002093 for almost two months. While investors expected a break out of this zone, SHIB broke below it. At the moment, the altcoin is changing hands at $0.00002084.

The above conditions point to further decline, and Shiba Inu’s price could drop to lows of $0.00001600 or $0.00001473.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

However, the consolidation will likely continue if $0.00002093 is reclaimed as a support floor. Consequently, the investors can regain a shot at reclaiming their profits, and the bearish thesis can also be invalidated.