Twitter Buzz Fades, SHIB Price Declines

Shiba Inu Price Decline

Shiba Inu (SHIB) has seen a noticeable drop in price, with the value retracing by 5.46% to $0.000008637. This decline is attributed to the fading excitement on Twitter, prompting many investors to withdraw their profits. The meme coin is currently meeting resistance at $0.000009099, marking a challenging phase for its market value.

Market Indicators and Trends

The market capitalization of Shiba Inu has decreased by 4.73%, reducing its total value to $4,733,431,919. An increase in selling pressure is evident from the 24-hour trading volume, which surged by 96.85% to $184,262,378. These factors illustrate a bearish pattern in the current market.

Technical Analysis

On the technical front, the Keltner Channel bands indicate a downward trend, with the price moving towards the lower band at $0.00000858. The Relative Strength Index (RSI) stands at 30.16, nearing the oversold region, suggesting continuing bear dominance unless bulls intervene.

Potential for Reversal

Despite the downturn, a potential bullish reversal may occur. The StochRSI reading of 3.18 in the oversold region hints at an upcoming trend shift. However, the Coppock Curve and Elder Force Index (EFI) both display negative readings, reinforcing the ongoing decline. The Chaikin Money Flow (CMF) also trends southward, supporting this perspective.

Conclusion

For a reversal of the current bearish trend, bulls must hold the resistance level and drive SHIB prices higher. Investors should remain cautious and conduct thorough research before making any trading decisions, as market volatility persists.