Will Shiba Inu (SHIB) Stay Down after Bearish Month?

The cryptocurrency Shiba Inu fell 7.88% over the last 30 days, and it is down today as well with a drop of 3.06% over the last 24 hours. Despite several attempts to start a bullish trend, the coin has stayed bearish overall for the last few weeks.

The Downward Trend

Shiba Inu fell off sharply earlier this year, in April. We saw an attempted recovery two months ago, in August, when the coin spiked up to $0.00001687 (SHIB/USD) from $0.001242. That did not last very long, though, and the token is at $0.000009794 today.

For the year, SHIB has fallen 70%, since it started the year off at $0.00003375. It’s not all been downhill for the coin, though, as it has managed to have an overall flat price trend from the sharp drop in April up to today. There has been some minor bearish movement since then, but it is not significant compared to where it started for the year.

We do not expect SHIB to recover back to where it was in January anytime soon, but the question investors are asking is if the coin is due for a bullish month.

Where Is Shiba Inu Headed?

SHIB has traded $188 million over the last 24 hours, which is up 11.36% from yesterday. This could be the start of an uptrend, but there is no evidence to suggest it will be sustained upward movement.

Expect the coin to do well this weekend, perhaps moving up a few percentage points before Monday. The overall crypto market is relatively flat, as it has been for a couple weeks now. This is not inspiring many investors to go big with most of the coins, and SHIB isn’t showing a lot of volatility right now. So, any movement we are likely to get from it is expected to be minor.

We do not recommend investing in Shiba Inu in a big way right now, but there is some play for day traders to take advantage of the hourly movements.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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