Shiba Inu ($SHIB) has tanked over 20% in the past week as investors grow increasingly bearish on the popular meme coin.

Having lost considerable momentum since the high of August 12, $SHIB is struggling to regain bullish traction.

However, while $SHIB falters, the new meme coin Wall Street Memes ($WSM) is showcasing strength, providing a viable alternative for those looking to avoid Shiba Inu’s price swings.

Technicals Reflect Ongoing Bearish Momentum for $SHIB

It has been a challenging ten days for $SHIB holders, with the token’s value crashing nearly 30% from its local high.

$SHIB has closed in the red in eight of the last nine trading days, marking its worst run since early March.

More worryingly for investors, $SHIB’s price has easily bypassed the 20-day and 50-day Exponential Moving Averages (EMAs) to the downside – signaling that the short-term and medium-term trends have flipped bearish.

The Relative Strength Index, which measures buying and selling momentum, sits at 40, reflecting weak buying pressure.

Unless $SHIB can reclaim and hold above its moving averages, the technical picture remains decidedly negative.

Moreover, with CoinMarketCap data showing that $SHIB trading volume rose 8% in the past day, many token holders are opting to liquidate their holdings rather than withstand the storm.

Community Sentiment Provides Hope for Shiba Inu Rebound

Given this confluence of bearish catalysts, can Shiba Inu recover soon?

The good news for investors is that $SHIB rejected the support zone around $0.0000072 with a long wick, indicating a high volume of buy orders in the area.

Avi Lev, a prominent crypto analyst with 107,000 YouTube subscribers, uploaded a video detailing his bullish stance on $SHIB.

In this video, Lev highlighted the misinformation surrounding the technical issues associated with Shibarium’s launch, pointing out that he expects $SHIB to rebound in the near term.

This forecast aligns with information from the