Shiba Inu’s token, SHIB, is in a precipitous decline after hitting a new all-time high that was driven by a number of fundamentals, starting with its integration across multiple exchanges. In addition to, a mysterious investment of a total of $ 1,150 million dollars.
It should be noted that the price of the Shiba Inu token at the time of publication is $ 0.00048. In addition, it accumulates a loss in the last 24 hours of 11% and a fall of 12% in the last 7 days according to CoinMarketCap. Here is our medium-term projection.
Fundamentals that can support the Shiba Inu token
During November there has been really positive news for the SHIB token, belonging to Shiba Inu. This thanks to the popularity that the project gained in its few months of birth. One of the most prominent events was the one mentioned at the beginning of the article; We are talking about the investment of an anonymous individual for a total of 1,150 million dollars, a fact that occurred during the previous week.
Additionally, multiple exchange platforms have also been considering listing the token on their portals; one of these exchanges is Robinhood. However, in a recent report they commented that they are in no rush to list the token. However, Robinhood’s competition has already integrated the SHIB token on its platform; it would not be surprising if they soon do.
It should be noted that there is still sufficient fundamentals to push SHIB higher once again; Among them we find that a chain of cinemas known as AMC will accept SHIB coins for the payment of its services; although this will be for a brief period of 60 to 120 days, clarified the CEO of AMC.
In short, if Shiba Inu (SHIB) is doing well on the fundamentals, what is it that has caused this dramatic decline?
The Shiba Inu token recorded a new all-time high on October 28. However, this ATH triggered a strong correction, which has not yet concluded. However, it is possible to find investment opportunities with the market in the red.
The downtrend will extend for at least 1 more week.
Since, as the RSI suggests, the sell sentiment continues to grow, and the bulls are absent at the moment to defend the nearest support; located at $ 0.00004713. This can also be easily seen in the low volume of transactions.
In addition, in the 4-hour period, the scale of the correction can be clearly seen; which has already reached and broke multiple supports that are marked by the Fibonacci Retracement. However, there is one last level to watch; which is expected to be defended and to change the trend of SHIB.
This important support is located at $ 0.00004085. There the bulls should defend the price to avoid falling to extreme levels.
At the moment we are still bearish, we must take precautions not to have exorbitant losses, since the candles are also below the ENV channels and below the 20-period EMA.
The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.