The memecoin trading volume has surged to some extent, unfortunately, the volume is flowing in favour of the bears. Shiba Inu, the second-highest memecoin as per the market cap, has also recorded an over 11% drop in the past couple of days. While the market participants appear to have become bearish over the crypto space, the SHIB price is expected to offer a final opportunity to stack up at lower prices as a giant upswing could follow the correction.
Shiba Inu displayed a splendid performance earlier this year, starting in June 2023 and prevailed through March 2024, amounting to more than 720% total growth. However, the price is consolidating within a descending range and the reason that the token is performing poorly now is because it did great in the past. Therefore, a correction usually follows a bullish wave, reviving a steep ascending trend soon.
The weekly chart of Shiba Inu demonstrates the bearish prospects of the token, which is expected to squeeze some more profits in the next few days. The price is expected to print another pullback before the next price action. The RSI has dropped below the ascending trend that held the rally for nearly 6 to 8 months. Besides, the levels of the DMI have contracted at a point that may be followed by a bearish crossover. With this, the possibility of an extended descending trend emerges that may cause another 30% drop in the next few days.
Regardless of this, the last point of defence at $0.00001 could be held strong in case of an extended bearish action, which may offer a strong base to initiate a rebound. A rebound may cause the SHIB price to revive a strong ascending trend to reach the key resistance zone around $0.00003.
