Shiba Inu (SHIB) may be facing its own demise as analysts predict a continuation of its week-long price decline. The meme coin, known for its association with the adorable Shiba Inu dog breed, has lost almost 14% of its value in the last seven days, raising concerns about its future.
![Shiba Inu loses 14% in last 7 days - will the misery get worse? 1 SHIB](https://thegurumedia.com/wp-content/uploads/2024/06/SHIB.png)
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Bearish signals fill the air
Technical indicators often used to gauge market sentiment are flashing red for SHIB. The Relative Strength Index (RSI) and Money Flow Index (MFI) are currently at 38 and 35, respectively. While these values suggest the asset may be oversold and poised for a recovery, other indicators paint a darker picture.
The Elder Ray Index, which measures the strength of buyers versus sellers, has been firmly in negative territory since June last week, indicating clear bear dominance in the market.
![Shiba Inu loses 14% in last 7 days - will the misery get worse? 2 A 46130c](https://thegurumedia.com/wp-content/uploads/2024/06/A_46130c.png)
The current technical outlook for SHIB is bearish. The lack of buying pressure combined with strong selling momentum suggests the price could fall further in the near term. Analysts expect to see SHIB retreating towards the $0.000020 mark.
Is the howl of the crowd fading?
NewsBTC’s analysis also highlights a potential decline in investor interest in the self-proclaimed “Dogecoin Killer.” This decreasing enthusiasm could be a significant contributing factor to falling prices.
The meme coin’s initial rise to prominence depended heavily on enthusiasm from social media and community-driven movements. However, with the overall cryptocurrency market undergoing a correction and meme coins facing increasing scrutiny, the “Shiba Army” It may be losing a little strength.
While the immediate future looks bleak for SHIB, a total collapse is not entirely out of the question. Market sentiment could trigger a price recovery. If bulls regain control and investor confidence returns,
SHIB could potentially climb back towards the $0.000024 mark. However, analysts warn that this scenario depends heavily on unforeseen market forces and a renewed wave of community support.
![Shiba Inu loses 14% in last 7 days - will the misery get worse? 4 A 40414b](https://thegurumedia.com/wp-content/uploads/2024/06/A_40414b.png)
SHIB Price Forecast
Meanwhile, with a projected value of $0.00007 By July 12, 2024, this Shiba Inu (SHIB) analysis points to massive potential price growth of 226%. But even with this bullish price forecast, technical indications show that the market is still pessimistic.
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The Fear and Greed Index, which sets high levels of greed at 72, supports this sentiment. Shiba Inu price volatility over the last 30 days has been moderate at 4.50%. Only 40% of days saw increases, suggesting there was not much upward momentum.
Featured image from Reddit, chart from TradingView