Shiba Inu (SHIB) Price Prediction 2022: Will SHIB Prices Recede by Another 30%-45% Next?

Shiba Inu [SHIB] posted a 38% price bounce from the lows over the past two days but could not scale the former support level at $0.0000178

Shiba Inu [SHIB] dropped by over 80% from its all-time high and was valued at $0.000011 at the time of writing. The meme coin’s downturn was not yet over, as technicals and on-chain metrics pointed toward further price drops.

A recent AMBCrypto report highlighted SHIB’s short-term undervaluation, even though the network growth declined. The price bounce followed this- but can the bulls continue to drive prices higher?

Will Shiba Inu prices recede by another 30%-45% next?

Source: SHIB/USDT on TradingView

The price action on the 1-day chart was firmly bearish. After the range breakdown SHIB continued to form a series of lower highs and lower lows. The RSI remained below neutral 50 to reinforce the idea of a downtrend.

The DMI showed the -DI and the ADX were above 20 since the 14th of June, marking an intense downtrend in progress. This has not changed either.

The 78.6% Fibonacci retracement level was broken and flipped to support. Therefore, a move downward to the 100% level or even further south is likely to develop for the meme coin.

On-chain metrics show SHIB bulls were powerless

Source: Santiment

The mean coin age began to trend downward in the final week of May. This showed distribution and the metric has not yet embarked on an uptrend. It signaled steady selling and little accumulation across the network.

Shiba Inu’s burn rate dropped drastically in H1 2023

The mean dollar age highlighted periods of realized losses and profits throughout H1 2023. During the coin’s rally in April, a spike in mean dollar age highlighted a period of realized profits.

However, as SHIB’s price dropped, the mean dollar age also declined, signaling periods of realized losses. This was especially evident in the final week of June, as SHIB’s price dropped by 20%.

The post Shiba Inu price dropped 80% from ATH- Where to next? appeared first on AMBCrypto.

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