Shiba Inu’s price has taken a hit, falling below its support level. Here’s why:
Bitcoin’s Influence
The decline is partly due to Bitcoin’s price crash, triggered by outflows from Bitcoin ETFs. This has had a ripple effect on the altcoin market, including Shiba Inu.
Over 14% Drop in a Week
In the past week, Shiba Inu has lost over 14% of its value, mirroring Bitcoin and Dogecoin’s declines.
Declining Trading Volume
Shiba Inu’s trading volume has also dropped by 28% in the last day. This indicates waning interest from investors, which can lead to further price drops.
Not All Bad News
Despite the setbacks, analysts believe Shiba Inu’s decline is temporary. They predict a future price surge.
Possible Price Points
One analyst suggests that Shiba Inu could reach various price points as it recovers. However, the coin needs to stop losing value before it can start climbing.
Distribution Price
The analyst identifies a “Distribution Price” of $0.00008488 for Shiba Inu. However, the coin may need to drop to $0.00001249 first.
