Shiba Inu Price Analysis: Here’s the $85M Signal Driving SHIB toward $0.00015

Shiba Inu Price Analysis:

Shiba Inu price retest the $0.000017 level on June 24, its lowest in over 100-days, a looming sell-wall shows that bear traders could further tighten their grip on the SHIB markets in the days ahead.

SHIB Hits 100-Day Low Amid Crypto Market Crash

On June 24, 2024, the global crypto market enter another wave of selling frenzy and widespread market liquidations. While Bitcoin (BTC) price dropped below the $60,000 mark for the first time in 50-days, Shiba Inu price also tumbled to a milestone record low.

The yellow-shaded area in the chart above shows how Shiba Inu price declined 10.33% on June 24 to hit $0.000016. That downtrend brought SHIB’s monthly timeframe losses to the 45% mark, an a new low in 115-days dating back to March 2 2024.

At the time of writing on June 25, SHIB price has now reclaimed the $0.000017. However, despite that 4% upswing in the last 24-hours, on-chain data suggests that bears are making strategic moves to hinder SHIB’s attempts to advance further.

Investors Looking offload SHIB Worth $85 Million

Shiba Inu price has been stuck in a downward trajectory since the start of June 2024. And looking ahead, majority of existing SHIB investors still seem unconvinced that the market momentum will flip bullish any time soon.

Despite the mild 4% rebound observed in the last 24-hours, there’s still significant bearish sentiment surround the broader crypto markets. And considering that memecoins like Shiba Inu are highly sensitive to market sentiment, traders are still largely expectant of further downside.

In a clear indication of this, IntoTheBlock’s Aggregate Exchange Order Books data tracks active buy/sell orders currently placed for an SHIB across major crypto currency exchanges and trading platforms globally.

As things stand, SHIB existing holders have placed orders to sell about 5 trillion SHIB ETH at the average price $0.000017, reflecting an effective selling pressure worth over $85 million.

Meanwhile, with the intense FUD (Fear, Uncertainty and Doubt), prospective investors on the sidelines remain unwilling to enter the Shiba Inu markets.

Consequently, the current SHIB buy orders has fallen short, compared to the market supply. Currently, only 3.9 trillion SHIB buy-orders are listed across the top 20 trading crypto exchanges and trading platforms tracked in the chart above, including Binance and Coinbase.

This implies that there is now currently excess market supply of 1.1 trillion SHIB, worth approximately $18.7 million.

Notably, when the supply of an asset exceeds the effective demand, it puts significant downward pressure on prices, as sellers may now be forced to compete to get their sell-orders filled quicker by lowering prices marginally.

This explains why SHIB price could be at risk of further downside as the crypto market volatility heightens.

If this market dynamic persists, with no an positive developments surrounding potential bullish catalyst like the Ethereum ETFs launch or a US Fed Rate cute, Saga, strategic traders can expect Shiba Inu price to slide further toward the $0.000015 level in the days ahead.

SHIB Price Forecast: Imminent Price Dip Toward $0.000015

In terms of short-term Shiba Inu price prediction, SHIB has trended in oversold territories for more than a week, as depicted by the Relative Strength Index (RSI) data which has trended below the critical 30.0 threshold since June 17.

However, given the current oversold conditions and the persistent downward pressure, it is more likely that SHIB will continue to face selling pressure.

The lower Bollinger Band, around $0.000015390, is a critical support level to watch. If SHIB breaks below this support, it could trigger a further decline toward the $0.000015 mark.

This scenario is supported by the RSI, which suggests that the bearish momentum has not yet exhausted. Therefore, traders should be cautious and monitor these key resistance and support levels closely.