The meme coin market continues to show high volatility levels, with Shiba Inu (SHIB) sliding over 4% since last Thursday.
SHIB is now hovering around the $0.0000079 level – the lowest price has been since July 28.
However, while established cryptocurrencies like SHIB struggle, several new meme coins are emerging and thriving – with presale project Sonik Coin (SONIK) recently hitting the $600,000 funding milestone in under two weeks.
Shiba Inu Sinks Lower as Bearish Technicals Signal Further Trouble
SHIB has closed in the red for four days in a row – and looks to be heading for a fifth today.
Although there was a slight reprieve in the middle of last week, the token has failed to sustain its bullish momentum, unsettling long-term holders.
The SHIB price is now well below the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), while the Relative Strength Index (RSI) currently has a value of 40.
This indicates that SHIB could be nearing oversold conditions but is not quite there yet – leaving room for further downside movement.
Adding to Shiba Inu’s woes, the Crypto Fear & Greed Index continues to fall lower and is now sitting at 39 – deemed “Fear” territory.
This suggests that the overall market sentiment around SHIB is pessimistic, potentially signaling further sell-offs soon.
Shibarium Coming Back Online Offers Glimmer of Hope for SHIB Holders
SHIB’s price drop comes amid growing concerns about the viability of its layer-2 scaling solution, Shibarium.
The network was meant to provide faster and cheaper SHIB transactions, but multiple delays and setbacks have plagued its rollout.
This has led to fading hype and waning interest from the crypto community, many of whom are eyeing alternative meme coin projects.
However, a recently released article from CoinDesk revealed that token withdrawals from the Shibarium bridge are now live.
The launch of withdrawal
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Author: BeInCrypto Team
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