Why Shiba Inu Price Is Not Rising?

Shiba Inu price has struggled to gain momentum, staying below $0.000006476 after a period of consolidation. The token currently faces resistance, preventing further gains and resulting in a 1.82% drop in the last 24 hours. 

This recent reduction has reduced SHIB to some of its lowest levels during the past few months. Shiba Inu is down 17% in the last month, but is up 7% this week. This slow performance is indicative of the wider market decline and freeze in investor moods.

Why Is Shiba Inu Price Struggling to Rise: Key Market Insights

Shiba Inu (SHIB) price has faced stagnation recently, largely reflecting broader trends within the cryptocurrency market. The crypto market capitalization has decreased by 1.04%, totaling 2.31 trillion. The price of Bitcoin has fallen by 1.28%, dragging down the whole market mood.

The CMC Fear & Greed Index is at the moment 12, which indicates Extreme Fear and massive precautionary measures taken by investors. These conditions have created a challenging environment for smaller cryptocurrencies like Shiba Inu, which rely heavily on market momentum for price increases.

The decline of SHIB can be attributed to the declining meme coin industry. The overall market cap of meme coins is $36.1 billion, and it has declined by a margin of 0.1% over the past 24 hours. 

Notably, other top meme coins, such as PEPE, DOGE, and BONK, have also struggled, intensifying the bearish trend and dragging SHIB down along with them.

Also, liquidity in the market is important concerning the price movement of Shiba Inu. Large investors or whales control a huge percentage of the circulating supply at SHIB. Their activities like selling or buying SHIB in large quantities, may cause steep changes in the price or even stagnation, which further de-motivates small investors.

Finally, the rate at which SHIB is burned is comparatively low, as the most recent 24 hours saw only 4,382,109 SHIB burned. This rate of burn does not necessitate the overall supply to decrease by a significant amount, so it is unlikely to have a significant positive effect on the price of the coin in the short run.

How Low Can Shiba Inu Coin Price Go?

The SHIB price has been consolidating around the 0.00000645 mark over the last few days, showing a gradual movement between key support and resistance levels. 

The SHIB has recently received some support at around $0.00000600 and resistance at around $0.00000750.

The MACD (Moving Average Convergence Divergence) indicates a neutral position, with the signal line and the MACD line very close to each other.

The RSI (Relative Strength Index) is sitting at an approximate of 45, slightly below the average of 50, indicating a neutral market mood.

If the SHIB long-range prediction manages to push past the 0.00000700 resistance, it could target the next resistance level at 0.00000750. 

On the other hand, it might be reaching the level of 0.00000600, which is the support at risk of opening to even greater drops.