Shiba Inu (SHIB) is struggling as September begins. The meme coin’s price is falling, matching its past performance in this tough month for cryptocurrencies.
On-chain data suggests SHIB might drop more. This leaves investors worried about its short-term future in the volatile cryptocurrency market.
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Analyzing Shiba Inu’s September Slump: Bearish Trends and Market Predictions
SHIB’s Price Performance in Early September
SHIB’s price has been falling since September started. CoinMarketCap data shows it’s down over 3% since September 1. This drop shows the current bearish trend for the token.
On-Chain Metrics Paint a Bearish Picture
On-chain data also looks bearish for Shiba Inu. IntoTheBlock reports 53.17% of SHIB addresses are now at a loss. This September slump might cause more selling as holders try to cut their losses.
Historical September Performance for SHIB
SHIB’s current slump matches its past September performance. CryptoRank data shows SHIB lost 8.25% in September 2023 and 6.43% in September 2022. This trend suggests September is often tough for SHIB in the cryptocurrency market.
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Factors Influencing SHIB’s Current Slump
Several things are causing SHIB’s bearish trend. These include overall cryptocurrency market volatility, unclear regulations, and slow mainstream adoption. Also, SHIB’s network isn’t growing much. Few new addresses are being created daily, which raises concerns about its future.
Potential Support Levels and Price Targets
Traders are watching the $0.000010 price level closely. Many tokens were bought at this price. If SHIB drops below this, 342,490 addresses might sell to avoid bigger losses. But some SHIB whales are buying more. This might help support the price during this September slump.
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As Shiba Inu faces this bearish trend, its price depends on overall market trends and changes in its own system. Past data suggests a tough month ahead. But the cryptocurrency market can change quickly. SHIB’s performance might not follow past patterns.