Key points
Shiba Inu continued its losses over eight months, down 16% in the last 30 days.
One analyst talks about the possibility of a 125% recovery, bringing the price to $0.000028, despite current conditions.
Recent performance of Shiba Inu
Since reaching $0.0000334 eight months ago, the price of Shiba Inu has continuously declined across various timeframes.
At the time of writing this report, it was trading at $0.0000125, recording a slight increase of 1.61% over 24 hours.
These slight gains came after weekly and monthly declines of 8.09% and 16%, respectively.
Potential recovery indicators
Despite the downtrend, João Wadson, founder of the Alphractal platform, sees signs that the coin may enter an accumulation phase.
On-chain data shows that the Realized Cap Impulse indicator has turned positive, which can be explained by increased capital inflow.
Between August 20 and 21, Coinalyze data showed that the volume of buy trades reached $1.2 trillion compared to $1.1 trillion for sell trades.
The Alpha Price model from Alphractal also indicates that improved demand could push the price to higher levels.
Existing challenges
Despite these indicators, many Shiba Inu holders are still in an unrealized loss position, which reflects on investors' hesitance to return strongly.
On the other hand, technical indicators have shown continued selling pressure:
The Relative Strength Index (RSI) is at 44, which is close to the negative zone.
The Directional Movement Index (DMI) fell from 26 to 16, indicating a weakening bullish momentum.
Futures and market signals
The Funding Rate turned positive after three days of negativity, indicating increased activity in long positions in futures.
The Long/Short Ratio reached 1.169, with long positions accounting for 53% of the market compared to 46% for short positions.
This data often reflects a more optimistic sentiment among some market participants.
Future forecasts
Current analyses show that the overall trend remains bearish, and with continued caution, the price may move towards $0.0000115.
If buying activity increases in the near term, the market may see a limited rebound towards $0.000015.
The expectation of a rise of about 125% to $0.000028, mentioned by Wadson, is considered a long-term scenario and depends on several factors, the most important of which are demand levels and market liquidity.
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