SHIB Price Wobbles: Short-Term Dip or Long-Term Opportunity? $SHIB Price Prediction
Coming in tandem with the broader market’s tumbled price movement, Shiba Inu stock price has slipped 2.60% in the past 24 hours.
The token’s bearish movement today primarily falls in line with the massive amount of SHIB offloaded, as mentioned above.
Coinglass data revealed a 4.89% fall in SHIB’s open interest, reaching $73.43 million, followed by a derivatives volume decrease of 44.25% to $178.04 million. This data added to the bearish sentiments surrounding SHIB, flagging reduced market activity and investor interest.
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Nonetheless, the RSI continued to move around 51, hinting that the asset is neither overbought nor oversold. Concerning this, if the selling pressure continues to rise, Shiba Inu could witness a waning price trajectory ahead. Conversely, long-term prospects may shine with bullishness if bulls take control of the meme coin, accompanied by the community’s continued token-burning chronicles.
Additionally, it’s also worth noting that the meme coin’s community revealed a stockpile of upgrades in recent days, aiming to boost SHIB’s tokenomics. Altogether, recent data and developments suggest that although the token may witness short-term volatility, its future glimmers with optimism.