Shiba Inu (CRYPTO: SHIB) is one of the meme-based cryptocurrencies that enjoyed the liquidity and enthusiasm of the most recent bull markets the most, also thanks to an endorsement by tech tycoon and Dogecoin (CRYPTO: DOGE) proponent Elon Musk.
What Happened: According to CoinMarketCap data, Shiba Inu’s current price of $0.000006103 is down by over 83% from its May 11 high of $0.00003641.
The coin also lost nearly 9% of its value today, when its value fell from its 24-hour high of $0.000006693.
Shiba Inu’s price surged around 3,000% in only a few days in early May, on the back of a roaring crypto bull market, Musk’s endorsement, and presumably, some Dogecoin fans looking for a smaller altcoin that can see its price grow quicker since their favorite coin’s market capitalization then rivaled that of blue-chip companies.
Why It Matters: On the daily chart, Shiba Inu’s price is now significantly below both the 50-day and 20-day simple moving average, with the candles closing on the lower Bollinger band for a while, indicating significant negative volatility.
Further confirming the high probability that we will see a significant downward price is William’s Alligator “opening its mouth,” indicating a clear downtrend.
Looking at the fundamentals, there’s still some hope for Shiba Inu.
The coin is far from inactive, with the developers adding trading pairs to its decentralized exchange, including one for Ethereum (CRYPTO: ETH)/USDT, one for its internal tokens LEASH/BONE, and one for SHIB/BONE.
Despite these favorable developments, the coin’s price continues to tumble downwards, and its chart looks rather bearish.