As the broader cryptocurrency market undergoes a cooldown, the popular dog-themed meme coin Shiba Inu (SHIB) is no exception, showing declines across its recent price charts. Machine learning and artificial intelligence (AI) algorithms also present a pessimistic outlook.
Indeed, the momentum has slowed for many digital assets, including Shiba Inu, which is currently the 13th-largest asset in the crypto sector by market capitalization. This downturn persists despite recent innovations, such as the launch of the ShibTorch burn portal on the Shibarium network.
In other words, if this prediction, which relies on indicators like Bollinger Bands (BB), relative strength index (RSI), moving weighted average (MWA), average true range (ATR), and others, proves accurate, SHIB will be trading 2.48% lower than its current price as of August 19.
Meanwhile, crypto trading expert Alan Santana has projected a strong upward movement for Shiba Inu in the upcoming 2025 bull market. He predicts a new all-time high (ATH) of $0.00023179, considering its accumulation phases, as reported by Finbold on August 17.
More recently, it has come to light that SHIB is experiencing selling pressure from futures trades. The Coinglass Crypto Derivatives Visual Screener’s plot of SHIB’s open interest (OI) versus price indicates that shorts are increasing, suggesting that traders are anticipating further declines.
Shiba Inu Price Analysis
Currently, SHIB is trading at $0.00001333, marking a 1.51% decline in the last 24 hours. Over the past seven days, it has dropped 4.92% and has accumulated a loss of 25.16% in the past month. However, since the beginning of the year, SHIB has advanced by 29.41%.
Ultimately, SHIB could continue its bearish trend (or fail to make bullish movements) toward the end of this month. However, the market might still factor in the positive developments within its ecosystem. Regardless, it is essential to conduct thorough research and stay updated with the latest SHIB news when investing in this cryptocurrency.