Shiba Inu Price can Retrace By Over 47% As SHIB Price Continues To Fall.
SHIB price keeps falling despite the launch of a SHIB burn portal and SHIB metaverse.
Top crypto analyst, Ali Martinez, has taken to Twitter to make a bold prediction about meme-themed cryptocurrency, SHIB. In his words, Martinez, said, “Shiba Inu appears to be breaking out of a descending triangle in a bearish posture, which could see SHIB price retrace by more than 47%.” He added that “notice that SHIB is also losing the RSI support at 35.10 on the 3-day chart.”
#ShibaInu appears to be breaking out of a descending triangle in a bearish posture, which could see $SHIB retrace by more than 47%.
Notice that #SHIB is also losing the RSI support at 35.10 on the 3-day chart. pic.twitter.com/EBbSxgruad
— Ali Martinez (@ali_charts) May 8, 2022
Though 3 Day Shiba Inu RSI is entering an oversold territory, but the RSI has a tendency to remain for a long time in the oversold state in a bear market.
SHIB price has decreased by over 7.8% in the last 24 hours according to Coinmarketcap data even though the price of the meme-themed crypto. The SHIB price decline represents a 75% decrease from its peak price which it achieved in October 2021.
Most meme-themed cryptos usually gain more value following social media interest and lose their significance when such interests plummet.Â
Data compiled by TheCryptoBasic reveals that after a meteoric rise in 2021, interest in the keyword ‘Buy Shiba Inu coin‘ on Google Search has declined dramatically in the last 30 days. Since reaching a peak of 100 on April 19th, interest in the keyword has slumped by 89% to a Google Trends score of 15 on May 6th, 2022.
Also, the value of any crypto falls when there is a decrease in the number of its holders. Shiba Inu holders have decreased from 1,198,789 (1.19M) on March 15th to 1,146,348 (1.14M) on May 9th showing a lack of interest in the coin from investors, according to Coinmarketcap data.
SHIB price keeps falling despite recent developments in the SHIB ecosystem
Also, SHIB price keeps falling despite recent developments in the SHIB ecosystem. For instance, SHIB developers recently launched the SHIB burn portal to reduce the supply circulation of SHIB globally and boost the token’s price.
Within fourteen days of launch, the SHIB burn portal has destroyed nearly $0.5m worth of SHIB. However, the burnt tokens haven’t had the desired effect on the SHIB price. As of May 9th, Shib burn portal has burned 26B SHIB tokens.
It is only a matter of time to know whether Ali Martinez’s prediction will come to pass. Another effort made by the SHIB community to push up the SHIB price was the launch of the SHIB metaverse. A prominent member of the SHIB community (@SHIBainuart) revealed that 18,700 plots have been sold in the SHIB: the metaverse.
Current #ShibTheMetaverse Stats:
Current Plots Taken: 18.7K
Current Owners: 5.1K+
Floor Price: 0.23 $ETH
Volume Traded: 193 $ETH(Stats taken from Opensea)
— MILKSHAKE (@shibainuart) May 3, 2022
Despite the huge land purchases in the Shiba Inu metaverse, SHIB price hasn’t reflected that huge number of purchases.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
