$SHIB price prediction – SHIB to reverse its 2024 gains now? - AMB Crypto Analytics

Irma - Sep 13 - - Dev Community

Shiba Inu (SHIB) has dropped over 71.69% since its yearly high of $0.00004567. Currently trading within a symmetrical pattern, SHIB faces resistance at $0.00001266, but buying pressure appears insufficient to break through. If the resistance holds, the price could fall to $0.00001078, $0.00000822, or $0.00000655.

Coinglass data shows Open Interest dropped from $26.41M to $24.99M, indicating potential for further decline. Exchange netflows suggest investors are moving SHIB to exchanges, signaling intent to sell and adding to selling pressure.

Bearish indicators, like the Aroon Down line and Money Flow Index, suggest more frequent lows and growing selling pressure, pointing to a likely continued decline for SHIB.

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