Shiba Inu It is currently trading at $0.000007 and has been trending downwards throughout October. This is quite sad compared to SHIB’s huge 1,000% rally on the October 2021 charts. Meme coin is not faring well, being on a downward spiral that has yielded little to no profit to investors this year. So is there any chance that things will really change? Here are the striking details in the technical data.
The Shiba Inu chart shows that the Relative Strength Index (RSI) is at 43.70 while the Money Flow Index (MFI) is at 37.28. Additionally, Chaikin Money Flow (CMF) is currently below the zero line at -0.00. A negative CMF indicates weakness that could lead to liquidity outflows. Therefore, SHIB seems far from likely to rise by 1,000% this month, as it did in October 2021. SHIB may struggle to even make a 10% to 20% jump in the coming weeks.
meme coin The price has been stagnant at $0.000007 and has been trading sideways for close to a month. SHIB has failed to attract buying pressure despite the launch of its most anticipated network, Shibarium lay-2 solution.
As a result, the chances of Shiba Inu rising in price this month are low as none of its projects have helped burn SHIB tokens. Projects in the SHIB ecosystem do not enable the token to scale sustainably on the charts. Therefore, hopes of achieving 1,000% returns like two years ago may never be repeated.