Shiba Inu (SHIB) has been making headlines once again, but this time for all the wrong reasons. The popular meme token has been under sustained selling pressure, leading to a significant crack in a critical support level.
Despite the recent launch of Shibarium, a blockchain platform aimed at enhancing the SHIB ecosystem, the bearish sentiment seems to have a firm grip on the token’s price chart, raising concerns about the long-term outlook.
A deeper dive into the technical indicators as revealed in a recent report reveals a grim picture for SHIB. The Chaikin Money Flow (CMF) has seen a substantial decline, resting at the zero mark as of press time.
This signifies a lack of buying pressure and strong capital outflows. Moreover, the Relative Strength Index (RSI) remains in a downtrend, hovering just above the oversold zone, highlighting the absence of demand for SHIB.
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The lackluster performance of SHIB in the face of the Shibarium launch and the bearish technical indicators raise concerns about its long-term prospects.
Meanwhile, a price reversal cannot be ruled out, and SHIB’s latest dip could be just a bullish opportunity in disguise.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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