Shiba Inu (Shib) recently erased more than half of its profits achieved in July, following a prominent drop in prices. Currently trading at $0.00001,297, Meme Coin is facing headwinds, including a 16% decline last week.
This slump may be a concern, but August has been a moderately bearish month for shy people, so investors may not face extreme losses.
Shiba Inu is losing power
Historical data suggest that Shiba Inu tends to experience an average return of -1.32% during August, with a median return of -1.04% over the past four years. These statistics show that while SHIB may face volatility, prices are likely to be lower than their current values by the end of the month.
Given the historical trend of small losses that month, investors may expect continued uncertainty. This could lead to fluctuations in Shiv’s price, which could further decrease as market conditions remain unpredictable.
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The relative strength index (RSI) also sees a major shift, sliding into the bearish zone beneath the neutral mark of 50.0. This suggests that a bearish momentum has been built and that Shiv’s prices can continue to be lowered and strengthened.
The RSI remains in the bear zone, indicating the possibility of further price pressure on Shiba Inu. This technical indicator often serves as a predictor of short-term price trends, and its current position suggests that memecoin could face additional downward movements.
SHIB prices may continue to decline
At the time of writing, Shiba Inu was trading at $0.00001297, losing 16% in the past week. Memecoin wiped out almost half of the profit it saw in July. This decline could put Shiv in a vulnerable position and continue its downward trajectory.
Given current market sentiment, there could be a further decline in Shiv in August. Altcoin tests support levels at $0.00001252, allowing you to lower the price even further. If this support is not retained, there can be a greater drop, leading to further challenges for Shiba Inu.
However, if investors’ demands suddenly surge, Shib could recover. The price towards $0.00001435 is a plus for Meme Coin. If Shib can break this level of resistance, it could potentially rewrite history by posting profits in August.
Post Shiba Inu Price’s 16% drop wipes won half of July. Are you having trouble in August? It first appeared in Beincrypto.
