Twitter buzz fizzles, SHIB drops with price down 5.46% by CoinEdition

Twitter buzz fades, SHIB pulled lower as prices drop 5.46%
  • The Twitter hype dies down as Shiba Inu withdrawals mount
  • Chip prices fell to $0.000008637, a decrease of 5.46% during the downturn.
  • The meme coin is facing resistance at the intraday high of $0.000009099.

As the hype on Twitter quickly subsided, the majority of investors withdrew their profits from Shiba Inu (SHIB), which caused a significant price drop. Chip prices recorded a new low after correcting 5.46% over the past 24 hours, reaching $0.0000863.

The decline in market cap from 4.73% to $4,733,431,919 and high selling pressure indicated by a 96.85% increase in volume to $184,262,378 in 24-hour volume support this bearish pattern.

24-hour price chart (Source: CoinMarketCap)

The lines of the Keltner channel on the 4-hour chart are heading south, which supports this pullback. This pattern is shown by the upper bar touching 0.00000933 and the lower bar touching 0.00000858. SHIB price is swinging towards the lower band also this downtrend.

In case the bulls do not intervene, the bear dominance is expected to continue in the SHIB market as the Relative Strength Index (RSI) currently stands at 30.16 and is approaching the oversold zone.

A bullish reversal might be possible given that the StochRSI reading of 3.18 is in the oversold territory indicating that the current trend is about to end. This reading provides some clarity for investors.

SHIB/USD 4-hour price chart (Source: CoinMarketCap)

The south trend of the Coppock curve and the Elderly Strength Index (EFI) are in negative territory reading -40.297 and both support this decline.

This unfounded assumption regarding the SHIB market is supported by the Chaikin Money Flow (CMF), which is approaching level “0” and pointing south.

SHIB/USD 4-hour price chart (Source: CoinMarketCap)

The bulls need to hold the resistance level and push the prices higher to reverse the current downtrend on the charts.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.


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