Shiba Inu (SHIB) fell further on November 24, as its attractiveness among retail investors declined. Retail traders helped it rise by more than 535%, reaching a record high of $0.00008854 earlier this year.
SHIB price After hitting the above-mentioned record high on October 28, it fell by nearly 60%, indicating that traders have been actively locking in their Shiba Inu profits. This further led to a sharp drop in SHIB’s SHIB/USDT trading volume benchmark tool on Binance, highlighting the weak retail interest.
In doing so, the market value reported by SHIB fell from approximately US$28.31 billion to US$21.30 billion in just five days from Friday.
Google’s Keyword search data It also showed a decline in interest in the “Shiba Inu” market. Its 12-month time frame score dropped from a perfect 100 to 20, which is very consistent with the 60% price adjustment of SHIB.
Independent market analyst Alex Krüger Referrals The downward trend in Google for the keyword “Shiba Inu” indicates that the token has peaked-the beginning of the bear market cycle.
Will there be more selling in the future?
The latest round of sales SHIB market Pushing its price below the critical upward sloping support level (the velvet trend line), triggering its potential for further declines.
For example, the level defined in the scope Fibonacci retracement chart, From the swing low of $0.00000614 to the swing high of $0.00008933, as the price trend of SHIB goes lower, it provides potential entry and exit points, as shown in the figure below.
It seems that the latest price of SHIB tested the 0.618 Fib line of 0.00003792 USD as its temporary support level. The rebound from the above bottom price line increases the potential of SHIB to retest the upward sloping trend line as resistance, which coincides with the 0.5 Fib line at 0.00004773 USD.
Conversely, a break below $0.00003792 may push the price of SHIB to the 0.786 Fib line of $0.00002394. Market analyst IncomeSharks also highlighted the area around 0.00002394 USD as a potential “buy zone” when referring to the weekly SHIB chart.
— IncomeSharks (@IncomeSharks) November 23, 2021
SHIB price bull market flag setting
To offset concerns about the SHIB market sell-off is the emergence of a potential bull market flag.
In detail, since hitting the top of $0.00008854 on October 28, the price of SHIB has been falling in a downward sloping channel.The channel more or less looks like a Bull flag, A bullish continuous indicator, a consolidation phase appears after a strong move, as shown in the chart below.
Usually, traders set their uptrend target at a length equal to the height of the previous uptrend (called the flagpole), and it is expected that the tool will break through the flag range and trading volume will increase. Therefore, SHIB may rise to its flagpole height of 0.00005100 USD.
This moves the Shiba Inu token towards 0.00010000 USD.
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