Shiba Inu (SHIB) investors are bracing themselves for a bearish wave, as several market analysts are now predicting a downturn for this popular meme coin.
SHIB is now trading 45% lower than the high of February 4 – with the price chart hinting that further downside is highly likely.
However, amid the gathering storm around Shiba Inu, a new meme coin, Wall Street Memes (WSM), has exploded onto the scene – amassing over $1.1 million through its presale in less than four days.
Further Downside Possible for SHIB as Bearish Sentiment Prevails?
At the time of writing, SHIB is hovering around the $0.00000870 level. Per CoinGecko, the token has a market cap of just over $5.1 billion – a staggering $35 billion lower than during the bull run of October 2021.
SHIB’s value has steadily decreased since then, with the token now trading 89% lower than its all-time high.
Adding salt to the wound, SHIB is up just 7.7% since the start of 2023, in stark contrast to Bitcoin’s (BTC) impressive 67% rally.
The situation doesn’t look like it will get any better in the short term, with data from CoinGlass revealing that the Long/Short (24h) ratio for SHIB derivatives is now below 1 on most exchanges.
This indicates that there are more short positions than long positions – commonly interpreted as a bearish signal.
Much of the bearish sentiment surrounding Shiba Inu is driven by the development team’s broken promises concerning the Shibarium scaling solution and the project’s planned metaverse.
Both of these plans have been delayed on several occasions, and there’s still no concrete launch date – meaning investors’ patience is now wearing thin.
SHIB Bulls Brace for Descent to 0.0000078
Considering these factors, one of the likely trajectories is down for Shiba Inu – which will make for grim reading for SHIB bulls.
SHIB is now trading well below the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), clearly highlighting the token’s bearish trend.
Author: Felix Mollen
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