In the beginning of October witnessed the Shebaa Inu [SHIB] Slither and lower to lower prices. It found support at the $0.000010 price level and even broke below that support on several occasions. Fast forward to the present, however, and SHIB has not been left behind during the recent turmoil.
This is the AMBCrypto price prediction for Shiba Inu [SHIB] For 2022-2023
SHIB stock is up as much as 55% from its lower range to a new monthly high of $0.00001519. This bullish correction was more severe than its July bounce. Many traders might interpret this as a sign that it could be the start of another ongoing uptrend. Unfortunately, the unpredictable nature of the market can make it difficult to determine whether or not the trend will continue.
Why SHIB can bring some disadvantages
Shiba Inu’s long-term prospects were still highly dependent on the bulls. However, dog-themed tokens may not work with the lower band. SHIB’s price of $0.0001254 meant it was already down 17% from its current monthly peak.
One possible reason for his recent selling pressure could be overbought on the Relative Strength Index (RSI). Also, a strong rally is often followed by some bounce due to profit taking by those who have bought the bottom.
SHIB’s performance over the past 24 hours also confirmed selling pressure, and the price is no longer overbought. The Money Flow Index (MFI) also indicated some outflows. It also means there may be more downsides on the way. If that is the case, the short sellers have taken more profits and the price could return to the lower band near the $0.000011 level.
A look at SHIB’s supply distribution showed that some of the most important titles (whales) had been sold. Titles containing between 1 million and 10 million Shiba Inu coins have drastically reduced their balances over the past two days.
The largest electoral group maintained a stable balance. Weighted sentiment and FTX funding rates also declined after last week’s strong rally. This confirmed the decline in demand in the spot and derivatives markets over the past two days, paving the way for more selling pressure.
Now that Shiba Inu selling pressure has resumed, a look at coin balances can reveal what level of selling pressure investors should expect. A look at the weekly flows also revealed that OTC supply peaked between October 27 and 28. Meanwhile, supply markets bottomed out around the same time before experiencing some growth.
So where does SHIB go?
Despite the reversals, investors should note that the changes were small, indicating that selling pressure was relatively light. The current expectation is that the price is likely to fall further in the wake of the recent selling pressure. However, there is still a chance for SHIB.